Charles Stanley funds under management slump £300m


Funds under management at Charles Stanley slumped £300m in 2015 following adverse market movements and lost clients.

A trading update published today shows total client funds fell by 2.3 per cent in the nine months from March to December 2015, from £21.3bn to £20.8bn.

Year-on-year, assets dropped by £300m.

Since March 2015 the manager has lost £400m as clients moved their money. The firm lost an additional £400m as result of market movements.

Revenues also decreased at the end of December 2015, by 1.8 per cent, to £107.2m down from £109.2m in 2014.

The drop was down to falling fees and commission from the investment management business.

Chief executive Paul Abberley says: “In a period of general decline in market values and lower trading activity in comparison to the same period in 2014/15, trading conditions in the third quarter and into January 2016 have been challenging.

“Progress continues to be made with the implementation of the Group’s turnaround strategy and we remain confident in our long term prospects.”