Wealth manager Charles Stanley has reported a 4.6 per cent increase in assets under management to £16.4 billion for the third quarter, and said it remained upbeat about its prospects despite “uncertain” market conditions.
The firm said revenues for the three months to 31 December rose 13.5 per cent to £31.1m, with the strong performance attributed to comparisons with a “very poor quarter” a year ago, when economic uncertainty led to a drop in investor activity.
Chairman Sir David Howard said: “Since the downturn in the period from September to December 2011, transaction volumes have now stabilised.
“Against this backdrop we have seen a 14.1 per cent increase in commission revenue in this quarter compared with the same quarter last year.”
In addition, fee income – which represents about 61 per cent of total revenue – rose 13.1 per cent, driven by a strong gains at its stockbroker arm, Charles Stanley Securities.
Howard added: “We anticipate that economic and market conditions will remain uncertain but are confident that our broadly-based business mix and financial strength will allow us to continue to produce a creditable performance.”
