Charles Stanley Group’s revenue for the three months to 30 June 2013 was 31 per cent higher, at GBP36.9m, than the comparable figure of GBP28.2m for the three months to 30 June 2012.
Higher levels of funds under management and an increasingly confident market have helped lift both fee and commission income levels.
Total client funds stand at GBP17.66bn, a decrease of 0.3 per cent from the figure of GBP17.72 n at 31 March 2013. Within this figure discretionary managed funds increased by 1.4 per cent from GBP6.38bn to GBP6.47bn reflecting a net inflow of funds during the period. Over the same period the FTSE 100 Index and the APCIMS Balanced Portfolio Index decreased by 3.0 per cent and 2.1 per cent respectively.
Increased levels of funds under management and the strong performance of the market for most of our first quarter have helped drive fee income upwards by 30 per cent compared with the same period last year. Although the second half of June saw the FTSE 100 Index fall by 1.5 per cent, this has quickly been recovered in July with the FTSE 100 Index now at around 6,600 and the APCIMS Balanced Portfolio Index at about 3,300. Fee income represented approximately 59 per cent of Charles Stanley’s revenue over the period.
A statement released by the company says: “It is pleasing to note that the progress started in the second half of last year has continued. Though there are still significant challenges that lie ahead for the wealth management industry, our optimism for the remainder of the year is still a touch higher than it was this time last year.”
