Charles Stanley, the UK stockbroker, reported a 23.9 per cent year-on-year rise in pre-tax profit to £13 million ($24.1 million) for the yea...

Charles Stanley, the UK stockbroker, reported a 23.9 per cent year-on-year rise in pre-tax profit to £13 million ($24.1 million) for the year to end March 2006. The London-based brokerage firm said assets under management and administration rose during the year by 26 per cent to £9.7 billion. Within this figure the funds under discretionary management increased by 57 per cent from £1.4 billion to £2.2 billion, whereas those under advisory management rose by 28 per cent from £2.1 billion to £2.7 billion. The rest of the £9.7 billion is held under administration for clients. Charles Stanley said that the rise in the number of clients choosing its discretionary or advisory investment management services, and the rise in the value of their portfolios, led to an increase of 23.4 per cent in our investment management fee income from £10.6 million to £13 million.