Revenues, Assets Rise At Charles Stanley

Tom Burroughes Editor London 28 July 2009

Revenues, Assets Rise At Charles Stanley

Charles Stanley, the UK-listed stock broker and wealth management firm, said revenue in the three months to 30 June rose by 2.4 per cent to £26 million ($42.9 million) from the same period a year before, while assets also rose.

“Since 31 March 2009 the business has performed solidly in markets that continue to be challenging. Income has been resilient across all three divisions and we have strengthened the securities division with a number of new hires,” the firm said in an interim statement.

Total client funds under investment management or administration rose during the quarter by 10.0 per cent from £9.0 billion at 31 March 2009 to £9.9 billion.

Funds under discretionary management rose by 11.1 per cent from £2.7 billion to £3.0 billion.

“It is difficult to predict how much longer the current conditions will prevail. However, with a strong balance sheet Charles Stanley is well placed to take advantage of further acquisition opportunities,” the firm added.

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