Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Charles Stanley 'on track' as it hits £24 billion

Charles Stanley 'on track' as it hits £24 billion

Charles Stanley said it remains 'on track' to improve performance as assets under management rose to £24 billion at the end of March. 

In the first three months of the year - the wealth firm's fourth quarter - total funds under management and administration jumped by 5.7% from the £22.7 billion it stood at on 31 December. 

During the three months, discretionary, advisory dealing and execution-only funds rose by 5.6%, 5.9% and 9.1% respectively.

Advisory managed funds fell 4%, largely as a result of clients upgrading to the firm's discretionary offering.

Year-on-year, discretionary and execution-only funds increased by 21.3% and 23.5% respectively. 

Advisory dealing funds saw more modest growth of 5.9%, whilst advisory managed funds fell 7.7%. 

Over the same period the WMA Balanced Portfolio Index increased by 15.9%.

The numbers provide fresh evidence on how the firm, led by Paul Abberley (pictured),  is faring after undergoing a major overhaul recently, in which it disposed of a number of non-core businesses. 

Earlier this month it struck a £4 million deal to sell its Sipp and small self-administered schemes (Ssas)  business. This followed the restructure of its financial planning division at the end of last year. 

In its trading update the firm said it was maintaining positive momentum across all divisions, with performance in line with expectations.

Looking ahead Charles Stanley remains cautiously optimistic against the uncertain macro backdrop. 

'Trading conditions remain favourable but we are mindful of the impact that global political and economic uncertainty may have on markets, both at home and abroad,' the firm told the market.

'We remain on track to deliver our strategy to improve the group's operating performance and strengthen its balance sheet which will leave us better placed in the event of a change in trading conditions.'

It added: 'In the short-term we are focused on the need to continue to improve both net inflows of funds under management and productivity.'

Charles Stanley is scheduled to publish its full-year numbers on 14 June. 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Wealth Manager on Twitter