British wealth manager Charles Stanley has posted loss before tax of £6.1m for the year ended 31 March 2015 as against profit of £6.1m a year ago.
The group’s adjusted pre-tax profit stood at £4.2m, compared to £13.5m a year ago.
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However, the group’s total funds rose 6% to £21.3bn from £20.1bn a year earlier. Its discretionary funds were up by 13% to £9.3bn from £8.2bn in 2014.
The firm reported revenues of £149.7m for the year, a marginal rise of 1% from £149m in the prior year.
Additionally, the wealth manager revealed the exchange of contracts for sale of Charles Stanley Securities to Panmure Gordon for an initial fee of £1.5m.
The firm also unveiled plans to restructure and integrate its various teams offering asset management products to clients into a single unit.
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By GlobalDataThe units include PAN Asset Management, its collectives portfolios service, the IHT portfolio service, Matterley, the central research function as well as as its discretionary fund management division.
Charles Stanley Group CEO Paul Abberley said: "The past year has been one of substantial change for Charles Stanley. Whilst several of the underlying elements of the results give cause for encouragement, the overall result leaves significant room for improvement.
"As such, our immediate priorities have been firstly to ensure our staff continue to aim for the highest possible level of client delivery and secondly to address the near term deterioration in profitability. Alongside these initiatives, we have refined our strategy to ensure that greater emphasis is placed on developing the core Investment Management business, while retaining and building only those other activities which directly complement and enhance this core activity."
