Charles Stanley profits fall 33% as Leicester office costs weigh

Wealth manager Charles Stanley has reported a 33% drop in profit before tax following a year of "significant" cost which has seen it spend millions on acquisitions.

The group reported overall revenue had increased by 17% to £149m in the year to end of March, with funds under management climbing 14% to £20.1bn, far outstripping market gains. However, profit before tax fell from £9.1m to £6.1m as the launch of its Leicester office - which has also sparked a legal challenge from Brewin Dolphin - and the takeover of passive investment house Evercore Pan Asset cost the business £2.4m. The group commented briefly on its high-profile court case with Brewin Dolphin, which is suing Charles Stanley, claiming it poached staff to launch its Leicester office....