LONDON (Alliance News) - Wealth manager Charles Stanley Group PLC on Monday said its assets under management declined over the course of the financial year to the end of March.
The group said total funds under management and administration totalled GBP20.5 billion at the end of March, down 3.8% from the GBP21.3 billion on its books a year earlier.
Revenue from continuing operations declined 3.3% to GBP136.3 million for the year, Charles Stanley said, while total revenue fell 5.4% to GBP141.5 million due a decline in the company's held-for-sale businesses, particularly its corporate finance arm, which was sold in July 2015.
"Despite the challenging trading conditions and volatile markets experienced during the second half of the financial year, the level of discretionary funds has remained stable and investment management fees have grown marginally," said Paul Abberley, Charles Stanley's chief executive.
"The focus from management continues to be on the implementation of the group's turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects," he added.
Charles Stanley shares were untraded on Monday morning, having last traded at 291.25 pence.
Also Monday, Charles Stanley said Executive Director Anthony Scott has resigned from his role with immediate effect.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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