Charles Stanley has reported a 7.9 percent increase in its discretionary funds for the year ended 31 March 2018, however its total funds decreased.
The firm issued an update on its funds under management and administration (FUMA) ahead of its full annual results which are due to be published on 13 June 2018.
Total FUMA reached £23.8 billion, down 0.8 percent year on year and down 4.4 percent since 31 December 2017. The decrease was despite net inflows during the fourth quarter of £0.2 billion. The inflows were “more than offset by a general decline in equity market values,” the firm said.
As well the growth in the discretionary business, Charles Stanley Direct “continues to attract good inflows”, up 17.4 percent since 31 March 2017.
“We continue to see reductions in the advisory managed (25.0 percent) and advisory dealing (22.2 percent) categories largely as a result of transfers to the other service categories,” the firm said in the statement.
"As we enter our new financial year, our focus remains on growing our higher margin assets,” said Paul Abberley, chief executive. “We also intend to build scale in our Execution-only platform and invest in our network of financial planners and distribution capabilities. Concurrently, we continue to work on improving productivity and enhance operational efficiency."