Charles Stanley profits decline

Charles Stanley’s takeover of Evercore Pan Asset helped lead full year profits to a 33 per cent decline, it said yesterday. The takeover and other hires for regional office plus the expenses for building Charles Stanley Direct led pre-tax profits down by £3m to £6.1m for the year ending March. Charles Stanley, which offers advice and services for well-heeled customers, said funds under management rose 14 per cent to £20.1bn. Revenue also rose 17 per cent to £149m. “This has been a year of significant cost and investment in our future,” company chairman Sir David Howard said.