(Alliance News) - Charles Stanley Group PLC on Tuesday reported a rise in funds in its financial third quarter, despite a surge of outflows, as well as an increase in revenue on higher trading volumes.
At December 31, the asset manager's total funds under management & administration stood at GBP25.3 billion, up 2.8% on the GBP24.6 billion recorded at the end of September.
Managed funds added 2.6% over the third quarter to end the period at GBP15.8 billion while Administered funds grew 3.3% to GBP9.5 billion.
The asset manager recorded net outflows of GBP300 million during the quarter but this was more than offset by market movements adding GBP1.0 billion.
Over the same period, Charles Stanley noted, the MSCI WMA Private Investor Balanced Index increased by 0.8%.
Chief Executive Paul Abberley said: "Growth in FuMA over the third quarter mainly reflected market improvements. Group revenues have continued to improve year-on-year benefiting from higher trading volumes, market volumes and repricing, and our transformation programme is on track."
Group revenue for the quarter rose by 14% year on year to GBP42.7 million from GBP37.4 million. This was driven by increased commission income and fee income, up 20% and 14%, respectively.
In the year to date, revenue is up 11% year on year to GBP128.1 million from GBP115.1 million. Commission income is up 3.3%, while fee income is up 12%.
Shares in Charles Stanley were 6.5% higher in London on Tuesday morning at 322.80 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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