Charles Stanley 

Charles Stanley assets bolstered by market returns

Charles Stanley assets bolstered by market returns

Charles Stanley has seen its assets under management and administration increase 4.6 per cent to £24.9bn in the three months to the end of June 2018.

The wealth management company said in an investor update this morning (24 July) the increase was largely driven by positive market performance, with the MSCI WMA Private Investor Balanced Index up by 4.5 per cent in the same time period.

The majority of the asset growth was registered in Charles Stanley's higher margin discretionary service, which saw an increase of £700m or 5.7 per cent.

Paul Abberley, chief executive of Charles Stanley, said: "I am pleased to report that trading conditions in Q1 were in line with our expectations.

"We remain focused, as outlined in our 2018 year-end results, on the execution of our strategy to deliver top line growth and to streamline our operating model."

Execution-only funds grew by 4.8 per cent - or £400m - overall and Charles Stanley Direct, the company's on-line platform, saw "strong progress" with funds under administration up 13 per cent to £2.6bn.

Advisory managed and advisory dealing fund categories remained flat during the quarter.

Core business revenues in the year to June 2018 were up 4 per cent to £39.2m compared with the quarter ended in June 2017.

damian.fantato@ft.com