24th Jan 2014 09:42
LONDON (Alliance News) - Charles Stanley Group PLC Friday said its funds under management reached a record GBP20.1 billion at the end of the third-quarter ended December 31, 2013, beating the GBP18.5 billion reported at the half-year, but the investment manager cautioned on increased costs.
The increase was boosted by an increase in managed funds, which rose to GBP11.1 billion at the end of December from GBP9.34 billion at the start of the quarter. However, costs continued to rise during the period to support the company's growth and "the costs of the industry", Charles Stanley said.
Revenue increased to GBP36.7 million for the three months ended December 31, compared with GBP31.1 million for the corresponding period last year, driven by both commission revenue and fee income.
Commission revenue rose by 13%, while fee income rose by 21%, according to Charles Stanley, with fee income making up about 62% of the overall revenue figure.
Charles Stanley reported revenue growth across all its operating divisions.
"Revenue growth across Investment Management Services and Financial Services was 13.6% and 8.6% respectively. Charles Stanley Securities recorded a strong performance with improving sentiment in its sector producing revenue of GBP3.6 million, an increase of 106% from the equivalent period last year," Charles Stanley said in a statement.
Elsewhere, it said Charles Stanley Direct is establishing itself well, with more new customer acquisition.
Charles Stanley shares were Friday quoted at 510.00 pence, up 8.50 pence, or 1.7%.
By Samuel Agini; [email protected]; @samuelagini
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