A drop in transaction volumes during the quarter was offset by increases in investment management and administration fees.  However, revenue in the Charles Stanley Securities division continues to be depressed by low levels of bond trading and lower retainer fees, the firm said in a statement today.

Total client funds under management and administration reached £15 billion - a record high, rising 3.7 per cent from £14.50 billion at 31 March. Within this figure, funds under discretionary management increased by 3.7 per cent from £4.61 billion to £4.78 billion. Over the same period the FTSE 100 Index of blue chip shares and the FTSE APCIMS Balanced Portfolio Index remained broadly flat, Charles Stanley said.