View more on these topics

Charles Stanley funds under management slump £300m

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg

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.”

Recommended

Liontrust hires Charles Stanley fund distribution head

Liontrust has appointed Martin Weisinger from Charles Stanley’s fund arm Matterley Funds to its discretionary sales team. Weisinger, who was head of distribution at Matterley, will report to Liontrust’s head of discretionary sales Stephen Corbett. Corbett says: “Martin’s 25 years of experience, particularly in working with long-short funds, combined with his excellent contacts and knowledge of the industry make him […]

4

Treasury committee chairman demands HBOS audit investigation

Treasury committee chairman Andrew Tyrie has demanded an investigation into KPMG’s role as the auditor for collapsed bank HBOS. During the preparation of a report that last month slammed the FSA for its failings in investigating the bank, the Financial Reporting Council was invited to probe KPMG’s work, but declined to do so. Tyrie describes […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment