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Charles Stanley Reports Jump In Revenue

Stephen Little

29 July 2013

UK-listed saw its revenue for the first three months to 30 June, the first quarter of its financial year, jump 31 per cent to £36.9 million ($56.8 million), compared to £28.2 million for the same period last year.

The group said that higher levels of funds under management and an increasingly confident market have helped lift both fee and commission income levels.

Total client funds stood at £17.66 billion at the end of June, a decrease of 0.3 per cent from the figure of £17.72 billion at 31 March 2013. 

Within this figure, discretionary managed funds increased by 1.4 per cent from £6.38 billion to £6.47 billion, reflecting a net inflow of funds during the period.

Meanwhile, over  the same period, the FTSE 100 Index and the APCIMS Balanced Portfolio Index decreased by 3 per cent and 2.1 per cent respectively.

Fee income rose 30 per cent compared with the same period last year, representing approximately 59 per cent total revenue over the period.

"It is pleasing to note that the progress started in the second half of last year has continued. Though there are still significant challenges that lie ahead for the wealth management industry, our optimism for the remainder of the year is still a touch higher than it was this time last year," the group said.