Charles Stanley revenues up

CHARLES Stanley delivered a strong performance in its first quarter, the stockbroker said yesterday, reporting revenues up 2.4 per cent and a 10 per cent increase in funds under management.<br /><br />In a trading statement, the bank said income across its private clients, financial services and securities operations was resilient.<br /><br />Funds under management in the firm&rsquo;s first quarter rose from &pound;9bn in the previous three months to reach &pound;9.9bn at the end of June.<br /><br />Within that figure, funds under discretionary management were up 11.1 per cent to &pound;3bn.<br /><br />Group revenue rose by 2.4 per cent from last year, reaching &pound;26m, said Charles Stanley.<br /><br />And the firm, led by chairman Sir David Howard, said it had sufficient financial strength to consider making acquisitions should the opportunity arise.<br /><br />&ldquo;It is difficult to predict how much longer the current conditions will prevail,&rdquo; said the broker in a statement.<br /><br />&ldquo;However, with a strong balance sheet Charles Stanley is well placed to take advantage of further acquisition opportunities,&rdquo; the company said.<br /><br />The broker&rsquo;s shares finished the day up nearly 1.5 per cent at 242p.