Liontrust's Cross: Slimmed down Charles Stanley can 'play catch-up'

Liontrust's Anthony Cross, one of the largest shareholders in Charles Stanley, has backed the wealth firm's decision to offload its securities arm and said the company's business review can help it gain ground on peers.

Charles Stanley announced last week it was in exclusive talks with a third party, understood to be US firm Stifel Financial, over the disposal of its broking business Charles Stanley Securities. The group is also thought to be open to offers for its employee benefits arm, Charles Stanley Financial Solutions, having received a concrete expression of interest from one unnamed buyer. The moves come amid a strategic review of the company's operations by new chief executive Paul Abberley, who took over from David Howard at the end of last year. Cross (pictured) holds more than 5% of the...