LONDON (Alliance News) - Wealth manager Charles Stanley Group PLC on Thursday said it remains on track to meet its expectations for its full financial year, after solid trading in the first quarter to the end of June.
The group said total funds under management and administration grew to GBP20.9 billion by the end of the quarter, up 2.0% from GBP20.5 billion at the end of March. Discretionary funds grew 4.3% and execution-only funds grew 2.9%, offsetting a 3.8% fall in advisory managed funds and a 5.9% decline in advisory dealing funds.
Revenue for the business declined 6.9% on a like-for-like basis, however, hit by reduced trail commission, commission on bargains, and interest-rate margins.
"Stewardship of our clients' assets is particularly important during uncertain times and we will continue to monitor carefully both the political and economic environment. At the same time, we will pursue our strategy of focusing on clients, delivering a holistic wealth management service and improving our operating margins across all our divisions," said Chief Executive Paul Abberley.
Shares in Charles Stanley were untraded early Thursday at 285.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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