Charles Stanley, the UK brokerage and wealth manager, reported an underlying pre-tax profit of £9.3 million ($15.4 million) for the year ended 31 March 2009, a decline of 24.4 per cent from £12.3 million a year before.  Income from the group’s private client business was however up 0.8 per cent year-on-year, rising to £84.5 million from £83.8 million.

At 31 March 2009, Charles Stanley held £9.0 billion of funds under management and administration, a decrease of 18.2 per cent from £11 billion in 2008. Within this figure, the firm’s discretionary funds under management fell to £2.7 billion at 31 March 2009, a decline of 12.9 per cent from £3.1 billion a year before.

In its results statement, Charles Stanley also reported that over the year the proportion of its funds which are managed on a discretionary basis rose from 28.2 per cent to 30.0 per cent of the total.

Over the course of its reporting year, Charles Stanley’s private client division acquired Truro Stockbrokers and the UK private client business of Insinger de Beaufort. Both acquisitions are performing strongly and the group will continue to look for further suitably priced acquisitions, Charles Stanley said.

“Charles Stanley has demonstrated its resilience even in the harshest conditions. We are well placed if these continue, and well placed, equally, to move forward when the economy recovers. For the moment I remain cautious, but I have some optimism about the outlook for the group on a six- to twelve-month view,” said Sir David Howard, chairman.