CLST.L Share News (CLST)

LONDON (Dow Jones)--U.K. financial advisory group Collins Stewart PLC (CLST.LN) Thursday reported a 15% rise in assets under management over the first half, boosted by the acquisitions of Corazon and Andersen Charnley, but said it has a cautious outlook and will look to preserve its cash resources when possible. The company said total assets under management rose to GBP6.8 billion at June 30, an increase of 15% since Dec. 31 and 36% since June 30, 2009. Of this, discretionary assets under management increased 47% to GBP2.5 billion during the first six months of 2010. For the six months to June 30, Collins Stewart posted a pretax profit of GBP6.5 million compared with GBP6.1 million in the same period a year earlier. Revenue increased to GBP96.1 million from GBP95.3 million, while the interim dividend was maintained at 1.3 pence a share. The company said it had GBP75 million of net cash at June 30, up from GBP74.6 million a year earlier, of which GBP68.5 million is usable cash. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com (END) Dow Jones Newswires July 29, 2010 02:35 ET (06:35 GMT)