Charles Stanley sees revenues drop amid 'difficult times'

CEO says business remains resilient

Charles Stanley Group has seen its group revenue drop 6.8% in Q3 2020 compared to the previous quarter, though funds under management and administration (FuMA) increased 0.9% to stand at £22.8bn.

Over the six months to 30 September, total FuMA shot up 12.9%, but the group said this was a reflection of the turbulent markets caused by the coronavirus pandemic. In fact, average FuMA during the six-month period dropped 9.4% compared to the average of £24.4bn during the same period last year. Meanwhile, though group revenue dropped over both three and six months, the group said it outperformed relative to average FuMA as a result of "an improved revenue margin, which increased by 4.4bps to 74.3bps". Charles Stanley hires ex-Brown Shipley CEO to newly created role This was the...