Charles Stanley, the private client stockbroker, reported a 32 per cent year-on-year rise in pre-tax profits in the six months to 30 Septemb...

Charles Stanley, the private client stockbroker, reported a 32 per cent year-on-year rise in pre-tax profits in the six months to 30 September 2005 to £4.1 million ($7.1 million). Funds under management at the group stood at £8.7 billion at the end of the reporting period, a rise of 13 per cent on the end March figure. Sir David Howard, chairman, who with his family controls about 45 per cent of the shares, said the firm was continuing to move up the value chain, generating better quality business. The London-based firm has opened offices in Birmingham and Glasgow as well as acquiring "a significant team" of investment managers from Dryden Wealth Management. But further acquisitions have been put on hold with Charles Stanley recently pulling out of talks with Rowan Dartington, a Bristol-based private client stockbroking firm, about a possible merger. Sir David was "cautiously optimistic" about the outlook, in spite of continuing uncertainties about the economy.