CAY.L Share News (CAY)

LONDON (Alliance News) - Charles Stanley Group PLC Friday reiterated that it wants to be a leading UK wealth manager by 2020, with its efforts focused on improving its operating margin to at least 15% in 2018 and improving it further from that point.

The company said it has completed its so-called suitability project on schedule. Its review was led by Chief Executive Paul Abberley, who in the past has worked for Aviva Investors and ABN AMRO Asset Management and who was appointed to the role in October 2014.

"Over the course of the past year this was a significant undertaking both for staff and clients alike, but one which we are confident will yield dividends over the longer term," Charles Stanley said.

"Our strategic intent is to focus on vertically integrated, or holistic wealth management, built around an investment led, bespoke approach to client delivery," the company added.

Charles Stanley said that total clients funds amounted to GBP20.8 billion at the end of June, down from GBP21.26 at the end of March and up from GBP20.14 billion at the end of June 2014.

Revenue from continuing activities for the first quarter increased 4.9% to GBP36.3 million in the quarter year-on-year.

Charles Stanley shares were up 0.5% at 373.52 pence on Friday morning in London.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

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