Total funds under management and administration (FUMA) at Charles Stanley totalled £24.0 billion at 31 March 2017. According to a trading update from the firm for the three months to 31 March, this represents a year on year increase of 17.1 percent.
The statement said the firm was “maintaining positive momentum across all divisions and trading is in line with management expectations.”
Of this total discretionary managed funds contributed £11.4 billion, up 21.3 percent year on year. Advisory managed funds accounted for £2.4 billion, down 7.7 percent.
Over the course of the twelve months to 31 March 2017, the firm added £0.8 billion of discretionary funds from new clients. It also added £0.3 billon from transfers. It lost £0.2 billion in net outflows from existing clients and £0.4 billion in clients that left the firm. This lead to net inflows of £0.5 billion, which was further boosted by an increase of £1.5 billion from market movements.
Advisory managed funds added £0.1 billion from new clients. However it lost £0.3 billion in transfers, £0.1 billion in outflows from existing customers and £0.2 billion in clients leaving the firm. This left to net outflows of £0.5 billion, which was offset by market movements of £0.3 billion.
In the three months to the end of March, the firm added no funds from new clients on either a discretionary or advisory managed basis. In discretionary business it did gain £0.1 billion in transfers and £0.3 billion in transfers from existing clients. A loss of £0.1 billion from exiting clients resulted in net inflows of £0.3 billion which also benefited from a further inflow of £0.3 billion due to market movements.
The advisory side did not lose any clients in the three months. However it saw outflows of £0.1 billion from transfers and a further £0.1 billion in outflows from existing clients. Market movements contributed £0.1 billion.
Advisory dealing funds and execution only funds amounted to £1.8 billion and £8.4 billion respectively, which represented respective year on year increase of 5.9 percent and 23.5 percent.
“Trading conditions remain favourable but we are mindful of the impact that global political and economic uncertainty may have on markets, both at home and abroad,” the firm said in its trading update. “We remain on track to deliver our strategy to improve the Group's operating performance and strengthen its balance sheet which will leave us better placed in the event of a change in trading conditions. In the short-term we are focused on the need to continue to improve both net inflows of funds under management and productivity.”
It will issue its preliminary statement of annual results for the year ended 31 March 2017 on 14 June 2017.