British wealth manager Charles Stanley’s funds under management and administration stood at £20.5bn at the end of 31 March 2016, a fall of 3.8% compared to £21.3bn a year ago.
For the 12 months ended 31 March 2016, the company posted total revenues of £141.5m, down 5.4% compared with £149.5m a year earlier.
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The company attributed the fall in revenues to the decline in the group’s held for sale business activities, mainly its corporate finance unit that was sold in July 2015.
Charles Stanley CEO Paul Abberley said: "Despite the challenging trading conditions and volatile markets experienced during the second half of the financial year, the level of discretionary funds has remained stable and investment management fees have grown marginally.
"The focus from management continues to be on the implementation of the group’s turnaround strategy, where progress has been made in a number of areas, and we remain confident in our long term prospects."
In addition, the company announced that its head of investment management Anthony Scott has stepped down from the board of directors.
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By GlobalDataScott, who joined the company in June 1999, was appointed to the board in 2012 and assumed the role of head of investment management and an executive director in 2014.
