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View the article online at http://citywire.co.uk/wealth-manager/article/a729991

Charles Stanley hits record £20.1bn on 18% revenue jump

by Dylan Lobo on Jan 24, 2014 at 07:42

Charles Stanley hits record £20.1bn on 18% revenue jump

Charles Stanley's revenue shot up by 18% in the final three months of 2013, propelling assets under management to a record high.

Earnings for the period totalled £36.7 million with a 12.9% increase in commission revenue and a 21.4% rise in fee income.

Charles Stanley, led by Sir David Howard (pictured), said fee income made up 62.4% of overall revenue, in line with its strategy of diversifying its revenue base.

Total client funds reached a new record of £20.1 billion, an increase of 13.4% over the nine months from 31 March 2013. Over the same period, the FTSE 100 and the WMA Balanced Portfolio Index rose by 5.3% and 2.8% respectively.

Managed funds increased from £9.3 billion to a new high of £11.1 billion.

The private client stockbroker registered decent performance across all its operating divisions. Revenues across investment management and financial services were 13.6% and 8.6% higher respectively.

Charles Stanley Securities also recorded a strong performance with improving sentiment in its sector producing revenue of £3.6 million, an increase of 106% from the equivalent period last year.

The group said its direct-to-consumer platform Charles Stanley Direct experienced increased customer acquisition and is 'well positioned to take full advantage of the developments taking place in its market'. However, it pointed out costs continued to rise during the period to support the growth of the group and costs of the industry.

The numbers will make pleasant reading to BlackRock, which recently increased its stake in Charles Stanley to above the 5% mark.

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