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