LONDON (Alliance News) - Charles Stanley Group PLC on Friday reported a rise in total client funds for the first nine months of its financial year, but said its revenue in the third quarter fell on the back of sluggish trading for its Charles Stanley Securities business.
The investment manager said total client funds under management at the end of its financial third quarter to the end of December were GBP20.5 billion, up 2% over the nine months from the end of March 2014. Managed funds under management rose to GBP11.8 billion from GBP11.2 billion over the period.
Revenue for the company fell in the third quarter, however, to GBP36.3 million from GBP36.7 million, on the back of a weaker performance from the Charles Stanley Securities business, which has been hit by a lower level of corporate finance activity year-on-year. For the nine months to the end of December, revenue was up to GBP109.2 million from GBP106.7 million.
Charles Stanley also briefly said it is now conducting a review of its operations, with providing any specifics, following the appointments of Paul Abberley as chief executive in December and Ben Money-Coutts as interim chief financial officer in January.
Charles Stanley shares were untraded on Friday morning, having last traded at 329.75 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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