British wealth manager Charles Stanley's funds under management and administration stood at £22.7bn at the end of the third quarter on 31 December 2016, almost flat compared to £22.5bn at 30 September 2016.
The group’s discretionary funds rose by 1.9%, while execution-only funds increased by 1.3%, the company said in a trading update. Advisory managed funds dropped by 3.8%, while advisory dealing funds remained flat.
The group’s core revenues increased 10.8% to £35.2m during the quarter, while fee income increased 10.7% to £22.8m.
Total group revenues on a year-to-date basis however, dropped 3% from £107.2m to £104.1m. The decline is driven by the disposals of Charles Stanley Securities and Charles Stanley Financial Solutions, the company said.
Charles Stanley CEO Paul Abberley said: “The Group reported in November of last year that it had concluded the remuneration consultation, and we are now moving forward with our plan to further develop our sales channels and improve operational efficiencies across the Group. We are seeing revenues improving across the business; driven by favourable market conditions, the continuing shift to fee based tariffs and higher trading activity.”
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