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July 22, 2020updated 27 Jul 2020 12:20pm

Charles Stanley appoints non-executive director

By Patrick Brusnahan

Charles Stanley has appointed Anna Troup as its independent non-executive director.

The appointment will take effect on 1 October 2020 and follows the resignation of Bridget Guerin.

Troup was formerly a head of UK bespoke solutions at Legal and General Investment Management. She sits on the boards of Aberdeen Diversified Income and Growth Trust, MS Amlin Investment Management, The Pension Protection Fund and T. Bailey Fund Services.

Sir David Howard, chairman of the company, said: “Bridget joined the Board in 2012 and has managed her roles as member of the Risk and Nomination Committees and Chair of the Remuneration Committee with skill and effectiveness. Her experience and wisdom have been invaluable in helping the Board and senior management to deliver results for shareholders and customers. She leaves the Board with our thanks and best wishes for the future.”

He added: “We are delighted Anna is joining the Board. She brings an impressive breadth and depth of financial services experience which will be of great value to Charles Stanley and our clients. Anna will work with the rest of the Board and management as we seek to continue the successful delivery of our strategy and move us closer to our vision of becoming the UK’s leading wealth manager.”

Despite the impact of the Covid-19 crisis, Charles Stanley reported a rise in funds under management and administration (FuMA) to £22.6bn at the end of June 2020.

This marks an increase of around 12% from £20.2bn at the end of 31 March 2020.

In the first three months of 2020, the firm shed around £4bn of assets as a result of the pandemic.

However, the firm’s underlying pre-tax profit increased to £19.3m in the year ended 31 March 2020, compared to £13.3m in the previous year.

In a trading update, the firm said that group revenue in Q1 increased 2% to £42.2m from £41.5m in 2019.

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