Despite the impact of the Covid-19 crisis, British wealth manager Charles Stanley has 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.
Key Q1 metrics
In a trading update, the firm said that group revenue in Q1 increased 2% to £42.2m from £41.5m in 2019.
Fee income was up by 4%, driven by a 35% surge in revenue from the Financial Planning division.
Higher trading volumes led to a 4% rise in commission income.
Cuts to base rates hit interest income that plunged 37%.
Charles Stanley CEO Paul Abberley said: Our strong capital position has enabled us to take a measured response to the COVID-19 crisis and we have been able to ensure that our clients have continued to receive very high service levels.
“The crisis has changed our office working practices and client interaction, accelerating the need for standardisation and digitisation of more processes.
“As we continue the transformation programme for Charles Stanley, these will be core areas of focus for us throughout the rest of the financial year.”