Charles Stanley, the UK-based wealth manager, recorded a 33% slide in profits over the year ending 31st March 2014 due to ‘significant cost and investment.’
In April, the wealth manager informed the stock market that it was set to miss analyst expectations and today it announced a pre-tax profit fall from £9.1 million to £6.1 million. Profits were impacted by the £1.4 million cost of acquiring Evercore Pan Asset and £1.3 million being spent on building Charles Stanley Direct and other ‘investment one-off costs.’
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Funds under management increased by 14% from £17.7 billion to £20.1 billion in the year and revenue rose to a record high of £149 million, 17% higher than the £127.6 million earned at the same point last year.
Chairman of Charles Stanley, Sir David Howard, said: "This has been a year of significant cost and investment in our future. In particular, our profitability has been impacted by the acquisition of further teams of high-quality investment by the acquisition of further teams of high-quality investment managers, the continuing roll-out of our direct-to-client web based service Charles Stanley Direct, and a major programme of upgrading the quality of service of our principal business of discretionary and advisory investment management."
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