Charles Stanley enjoyed a 10 per cent uplift in its assets towards the end of last year as the wealth manager benefited from a market improvement of more than £2bn.
In a quarterly trading update published today (January 13) the company revealed its funds under management had risen by 10 per cent over the three months to December to £25.1bn.
Charles Stanley said this increase largely reflected a market improvement of £2.2bn as it recovered from the initial turmoil seen in the first wave of the coronavirus pandemic last year.
Paul Abberley, chief executive at Charles Stanley, said: "The group has continued to demonstrate significant resilience in the face of the ongoing pandemic, and we are encouraged to see modest net inflows of FuMA during the third quarter as well as stable revenue levels.
"Whilst uncertainty remains over the length of current market disruption as a result of the Covid-19 pandemic, we are confident that we will continue to make progress in the final quarter of our financial year."
The wealth manager reported its revenues over the three months decreased slightly by 1.2 per cent to £42.2m, with increases in fee income of 3.2 per cent and commission income of 4.3 per cent which it said offset a "significant contraction in interest turn".
In November, Charles Stanley revealed a 40 per cent drop in pre-tax profits for the first six months of its financial year, from £8.1m in the same period in 2019 to £4.8m in 2020.
The company partially pointed to its Financial Services Compensation Scheme levy as driving down profits after its bill tripled in the space of two years to £3.5m.
rachel.mortimer@ft.com
