Charles Stanley hit by market volatility

City A.M. Reporter
The global market downturn hit British fund management companies Charles Stanley and City of London Investment Group with Charles Stanley warning of a drop in its first-half profits.

Charles Stanley said the market slump, caused by fears over Europe's debt crisis, had led to lower revenue at its securities division which would mean that first-half profits would be below the previous year's level.

City of London Investment Group, which focuses on emerging markets, said its revenues had also been affected by the market turmoil, resulting in its funds under management at the end of September falling to £2.8bn from £3.7bn at the end of May.