British wealth manager Charles Stanley Group said that its funds under management & administration (FuMA) totalled £24.4bn at the end of the first quarter.
The figure for the quarter ended 30 June 2019 is an increase of 1% compared to £24.1bn reported at the end of 31 March 2019.
Go deeper with GlobalData
The firm added £900m owing to its investment performance.
This is said to have offset net outflows of £600m.
Discretionary funds FuMA rose 3%, while that of advisory dealing funds dropped 8%.
Advisory managed and execution-only funds remained unchanged.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataCore business revenue at Charles Stanley increased 6% year-on-year to £41.5m.
The company attributed the rise to 8% increase in fee income.
“Fees grew both as a result of the continuing service mix change toward discretionary and the completion of the repricing exercise at the end of the last financial year,” the company said.
Commenting on the performance, Charles Stanley CEO Paul Abberley said: “I am pleased to see that revenues and Funds under Management and Administration continue to grow.
“These are a result of our previous strategic decisions and the improvements have allowed us to focus on the implementation of our transformation programme to improve productivity and operational efficiency.”
Recently, Charles Stanley opened an office in Belfast, marking its entry into Northern Ireland.
