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 result of an increase of discretionary funds as a proportion of total FuMA to 59.7%, as well as stable fees and commissions, helped by growth in the financial planning division.
Paul Abberley, chief executive of Charles Stanley, said: "The group has traded and operated resiliently during the first half. Our focus remains on supporting clients and staff during these difficult times, and we are confident of further progress during the second half."
More on Wealth managers
Most read
