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30 Jan 2015 07:00
Charles Stanley Group PLC
25 Luke Street
London
EC2A 4AR
T: 020 7739 8200
F: 020 7739 7798
DX: 123150 BROADGATE-1
www.charles-stanley.co.uk/investor-relations
INTERIM MANAGEMENT STATEMENT
Friday 30th January 2015
QUARTER ENDED 31 DECEMBER 2014
This is a trading update issued by Charles Stanley Group PLC ("the Group") covering the period from 1 October 2014 to 29 January 2015, and includes trading results for the three months ended 31 December 2014.
At the quarter end, total client funds were £20.5 billion, an increase of 2.0% over the nine months since 31 March 2014. Over the same period the FTSE 100 decreased by 0.5% and the WMA Balanced Portfolio Index rose by 4.5%. Particularly encouraging was the increase in managed funds from £11.2 billion to £11.8 billion.
Revenues for the quarter were £36.3m (prior year £36.7m) and for the nine months ended 31 December 2014 were £109.2m (prior year £106.7m). All divisions are ahead of their prior year comparative with the exception of Charles Stanley Securities which has experienced a lower level of corporate finance activity during the current year.
In December 2014 Paul Abberley was appointed Chief Executive Officer of the Company and in January 2015 Ben Money-Coutts assumed the role of interim Chief Financial Officer. Following these appointments the Board is conducting a review of its operations.
For further information please contact:
Charles Stanley Group PLC | Canaccord Genuity | Peel Hunt LLP | |
Magnus Wheatley | Martin Green | Guy Wiehahn | |
Head of Press & Public Relations | |||
Phone 020 7149 6273 | Phone: 020 7523 4619 | Phone: 020 7418 8893 | |
Ben Money-Coutts Interim Chief Financial Officer Phone: 020 7149 6273 (PR) |
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FUNDS UNDER MANAGEMENT AND ADMINISTRATION
Dec 14 |
Dec 13 | Change since Dec 13 |
Mar 14 | Change since Mar 14 | |
£ bn | £ bn | % | £ bn | % | |
Discretionary funds | 8.9 | 8.0 | 11.3% | 8.2 | 8.5% |
Advisory managed funds | 2.9 | 3.0 | (3.3%) | 3.0 | (3.3%) |
Total managed funds | 11.8 | 11.0 | 7.3% | 11.2 | 5.4% |
Advisory dealing funds | 2.2 | 2.5 | (12.0%) | 2.4 | (8.3%) |
Execution only funds | 6.5 | 6.6 | (1.5%) | 6.5 | - |
Total administered funds | 8.7 | 9.1 | (4.4%) | 8.9 | (2.2%) |
Total funds under management and administration | 20.5 | 20.1 | 2.0% | 20.1 | 2.0% |
FTSE 100 index | 6,566 | 6,749 | (2.7%) | 6,598 | (0.5%) |
WMA benchmark | 3,537 | 3,395 | 4.2% | 3,385 | 4.5% |
The change since March 2014 is explained in more detail in the tables below:
Discretionary managed | Advisory managed |
Total |
Change | |
£ bn | £ bn | £ bn | % | |
Funds at 1 April 2014 | 8.23 | 2.99 | 11.22 | |
New investment managers | 0.20 | 0.02 | 0.22 | |
Net inflow/(outflow) from existing clients | 0.11 | (0.04) | 0.07 | |
Net transfers | 0.07 | (0.11) | (0.04) | |
Lost clients | (0.09) | (0.04) | (0.13) | |
Net inflow of funds | 0.29 | (0.17) | 0.12 | 1.1% |
Market movement | 0.41 | 0.10 | 0.51 | 4.5% |
Funds at 31 December 2014 | 8.93 | 2.92 | 11.85 | |
Total change over nine months | 8.5% | (2.3%) | 5.6% | |
REVENUE
Quarter ended 31 December 2014
Investment Management Services £'000 |
Financial Services £'000 | Charles Stanley Direct £'000 | Charles Stanley Securities £'000 |
Total £'000 | |
Fees | |||||
Investment Management | 12,950 | 266 | - | - | 13,216 |
Administration | 6,214 | 3,364 | 925 | 15 | 10,518 |
Corporate Finance | - | - | - | 616 | 616 |
Total fees | 19,164 | 3,630 | 925 | 631 | 24,350 |
Commission | 10,700 | 92 | 211 | 936 | 11,939 |
Total | 29,864 | 3,722 | 1,136 | 1,567 | 36,289 |
Quarter ended 31 December 2013
Investment Management Services £'000 |
Financial Services £'000 | Charles Stanley Direct £'000 | Charles Stanley Securities £'000 |
Total £'000 | |
Fees | |||||
Investment Management | 9,994 | 104 | - | - | 10,098 |
Administration | 6,873 | 2,800 | 509 | 3 | 10,185 |
Corporate Finance | - | - | - | 2,628 | 2,628 |
Total fees | 16,867 | 2,904 | 509 | 2,631 | 22,911 |
Commission | 12,525 | 117 | 188 | 958 | 13,788 |
Total | 29,392 | 3,021 | 697 | 3,589 | 36,699 |
Nine months ended 31 December 2014
Investment Management Services £'000 |
Financial Services £'000 | Charles Stanley Direct £'000 | Charles Stanley Securities £'000 |
Total £'000 | |
Fees | |||||
Investment Management | 39,427 | 855 | - | - | 40,282 |
Administration | 16,499 | 10,162 | 3,059 | 36 | 29,756 |
Corporate Finance | - | - | - | 3,243 | 3,243 |
Total fees | 55,926 | 11,017 | 3,059 | 3,279 | 73,281 |
Commission | 32,515 | 302 | 611 | 2,478 | 35,906 |
Total | 88,441 | 11,319 | 3,670 | 5,757 | 109,187 |
Nine months ended 31 December 2013
Investment Management Services £'000 |
Financial Services £'000 | Charles Stanley Direct £'000 | Charles Stanley Securities £'000 |
Total £'000 | |
Fees | |||||
Investment Management | 30,955 | 524 | - | - | 31,479 |
Administration | 17,342 | 8,469 | 1,634 | 63 | 27,508 |
Corporate Finance | - | - | - | 5,436 | 5,436 |
Total fees | 48,297 | 8,993 | 1,634 | 5,499 | 64,423 |
Commission | 38,423 | 317 | 526 | 2,991 | 42,257 |
Total | 86,720 | 9,310 | 2,160 | 8,490 | 106,680 |
About Charles Stanley Group PLC
Charles Stanley was established in 1792 and is one of the oldest firms on the London Stock Exchange.
Charles Stanley Group today provides bespoke portfolio management mainly to private clients, delivered by over 450 professionals located in 31 offices throughout the UK. To enhance the quality of our service to clients we operate in-house administration and custody for investment portfolios, SIPPs and ISAs and have developed Charles Stanley Direct, an award winning direct to customer execution-only dealing platform for equities and funds.
Charles Stanley operates a number of complementary financial services businesses which are available to our core investment management clients. These businesses offer financial planning services, fund management and employee benefit consultancy. We also provide institutional broking and corporate finance advice to small and medium sized companies.
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