Charles Stanley outflows offset by performance gains

Charles Stanley avoided a drop in funds under management over the latest quarter, as market movements bucked net outflows.

In a trading update for the three months ended 30 June, Charles Stanley says investment performance gains of £0.9bn offset net outflows of £0.6bn.

Funds under management increased by 1.2 per cent from £24.1bn to £24.4bn – lower than the gains in the FTSE 100 of 2 per cent and the MSCI WMA Private Investor Balance Index of 2.8 per cent.

Charles Stanley’s “higher margin” discretionary service saw funds grow 3.8 per cent, while advisory managed and execution-only funds were flat.

Fee income growth was up 7.7 per cent, driving core business revenues up 5.9 per cent to £41.5m, partly as a results of the firm’s “continuing service mix change toward discretionary”.

Charles Stanley chief executive Paul Abberley says: “I am pleased to see that revenues and funds under management and administration continue to grow. These are a result of our previous strategic decisions and the improvements have allowed us to focus on the implementation of our transformation programme to improve productivity and operational efficiency.”

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