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Peter Webb: Charles Stanley is ‘a bit of a mess’

Peter Webb: Charles Stanley is ‘a bit of a mess’

Fund manager Peter Webb has maintained his position in Charles Stanley despite its recent struggles.

Charles Stanley issued an update expressing ‘considerable caution’ about the outlook for its business last month, and so far this year its share price has dropped by 32.5%.

Webb, who holds Charles Stanley within his Elite Webb Capital Smaller Companies Income and Growth fund, acknowledged that the firm 'seems to be at sixes and sevens' internally and struggling to cope with increased RDR rules and 'working out exactly what sales pitch to portray to investors’.

However, Webb (pictured) backed the management to revive its fortunes.

‘All in all a bit of a mess, but a commitment to a drive to higher margins and a maintained dividend is the most important message from this sleeping giant in private client wealth management,’ he argued.

Webb himself has also turned around his £4 million fund recently, taking it from the bottom of its Citywire sector on a three-year view to its absolute pinnacle over one year.

Over the past 12 months the fund has returned 41.6%, compared with an average of 14.4% from the peer group and 27.6% from the category’s second-best fund for the period.

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Peter Webb
Peter Webb
34/47 in Equity - UK Smaller Companies (Performance over 3 years) Average Total Return: 37.35%
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