1st Oct 2013 07:13
LONDON (Alliance News) - Charles Stanley Group PLC Tuesday said it expects its first-half results to be in line with expectations after a strong first-quarter performance offset a second quarter muted by the holiday period.
Charles Stanley said the first quarter had seen the group attract higher levels of funds under management, with what it described as "an increasingly confident market" helping to lift its fee and commission income.
However, the second quarter, which ended on Monday, was more muted because of "a seasonal fall in transaction volumes over the holiday period", though market values and fee levels remained steady.
On releasing its first-quarter results on July 26, Charles Stanley had said "optimism for the remainder of the year is still a touch higher than it was this time last year", while giving a warning about "significant challenges" for the wealth management industry.
Charles Stanley shares were trading at 455.48 pence per share at the open Tuesday, down 1.02p.
By Samuel Agini; [email protected]; @samuelagini
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