Charles Stanley Group PLC Trading Update (3152N)
January 17 2019 - 2:00AM
UK Regulatory
TIDMCAY
RNS Number : 3152N
Charles Stanley Group PLC
17 January 2019
17 January 2019
Charles Stanley Group PLC
Trading update for the three months ended 31 December 2018
Charles Stanley Group PLC ("Charles Stanley" or "the Group")
today issues a trading update for the quarter ended 31 December
2018.
Total Funds under Management and Administration ("FuMA") at 31
December 2018 were GBP22.8 billion representing a decrease of 8.8%
on the GBP25.0 billion at 30 September 2018. The fall in funds
reflects the sharp fall in equity markets seen in the quarter. Over
the same period the MSCI WMA Private Investor Balanced Index fell
by 7.9% whilst the FTSE 100 index was down 10.4%.
FuMA in every service type were negatively impacted by the
challenging market conditions. Nevertheless the Group continued to
deliver stable inflows in the quarter, particularly in the higher
margin Discretionary service, which grew by GBP0.2bn, equivalent to
an annualised net organic growth rate of 6.1%. Advisory Managed and
Advisory Dealing continued the trend of transferring funds to other
service types, whilst Execution-only funds were flat excluding
market movements.
Core Business revenues for the year-to-date rose by 3.4% to
GBP115.1 million from GBP111.3 million. Revenues for the quarter
showed a slight improvement against the prior year, up 0.3% despite
the drop in assets. Fee income increased 1.9% due to strong growth
achieved by the Financial Planning and Charles Stanley Direct
divisions, up 26.7% and 27.3% respectively, compensating for small
declines in the Investment Management Services and Asset Management
divisions.
Commission income for the quarter was down GBP2.1m with trading
activity by volume 17% lower by comparison to the prior year. This
was in part compensated for by GBP1.7m higher interest income,
reflecting higher interest rates than a year ago.
Paul Abberley, Chief Executive Officer of Charles Stanley, said:
"Despite difficult market conditions in Q3, which have had a
significant negative impact on headline Funds under Management and
Administration, I am pleased to report that we continued to win new
Discretionary mandates and that Financial Planning and Charles
Stanley Direct delivered strong increases in revenues. We will
continue to invest in scaling these divisions as part of our
holistic wealth management proposition."
Charles Stanley Group PLC LEI: 213800LBSEGKE5MCYC90
For further information, please contact:
Charles Stanley Canaccord Genuity Peel Hunt Newgate Communications
Siobhan Griffiths David Tyrrell Guy Wiehahn Adam Lloyd
Via Newgate Communications 020 7523 4677 020 7418 020 3757 6884
8893 charlesstanley@newgatecomms.com
Notes to editors:
Charles Stanley traces its origins back directly to 1792 and is
one of the oldest firms on the London Stock Exchange. Charles
Stanley today provides holistic wealth management services to
private clients, charities and smaller institutions. These are
delivered by over 400 professionals located in 25 offices
throughout the UK, both direct to clients and to intermediaries.
Our services include investment portfolio management and financial
planning, supported by in-house administration to enhance the
quality of service provided. In addition, Charles Stanley Direct
provides an award winning direct to customer execution-only dealing
platform for equities and funds.
FUNDS UNDER MANAGEMENT AND ADMINISTRATION
Dec 18 Sep 18 Mar 18
GBPbn GBPbn GBPbn
Discretionary funds 12.2 13.2 12.3
Advisory managed funds 1.5 1.7 1.8
------------------------------------ ------- ------- -------
Total managed funds 13.7 14.9 14.1
------------------------------------ ------- ------- -------
Advisory dealing funds 1.2 1.4 1.4
Execution only funds 7.9 8.7 8.3
------------------------------------ ------- ------- -------
Total administered funds 9.1 10.1 9.7
------------------------------------ ------- ------- -------
Total FuMA 22.8 25.0 23.8
MSCI WMA Private Investor Balanced
Index 1,484 1,612 1,527
The change in FuMA since 30 September 2018 is explained in more
detail in the table below:
Discretionary Advisory Advisory
managed managed dealing Execution-only Total
GBPbn GBPbn GBPbn GBPbn GBPbn
Funds at 1 October
2018 13.2 1.7 1.4 8.7 25.0
New clients 0.2 - - 0.2 0.4
Transfers - (0.1) (0.1) 0.2 -
Net inflow/(outflow)
from existing clients - - - (0.2) (0.2)
Lost clients - - - (0.2) (0.2)
Net inflow/(outflow)
of funds 0.2 (0.1) (0.1) - -
Market movement (1.2) (0.1) (0.1) (0.8) (2.2)
Funds at 31 December
2018 12.2 1.5 1.2 7.9 22.8
REVENUE
The tables below set out the revenues of the Group for the
quarter ended 31 December 2018 and the year-to-date to 31 December
2018 along with the prior year comparatives on a like-for-like
basis.
Quarter ended 31 December 2018
Investment Charles
Management Asset Management Financial Stanley Core
Services Planning Direct Business
GBPm GBPm GBPm GBPm GBPm
Fee income 22.6 1.5 1.9 1.4 27.4
Commission 7.2 0.2 - 0.3 7.7
Interest
income 1.9 - - 0.4 2.3
------------ ----------- ------------------------- ----------- ---------- ----------
Total 31.7 1.7 1.9 2.1 37.4
------------ ----------- ------------------------- ----------- ---------- ----------
Quarter ended 31 December 2017
Investment Charles
Management Asset Management Financial Stanley Core
Services Planning Direct Business
GBPm GBPm GBPm GBPm GBPm
Fee income 22.7 1.6 1.5 1.1 26.9
Commission 9.2 0.2 - 0.4 9.8
Interest
income 0.5 - - 0.1 0.6
------------ ----------- ------------------------- ----------------------- ---------- ----------
Total 32.4 1.8 1.5 1.6 37.3
------------ ----------- ------------------------- ----------------------- ---------- ----------
Year-to-date 31 December 2018
Investment Charles Held
Management Asset Financial Stanley Core For
Services Management Planning Direct Business Sale Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Fee income 68.8 4.8 5.4 3.6 82.6 - 82.6
Commission 25.6 0.7 - 1.1 27.4 - 27.4
Interest
income 4.2 - - 0.9 5.1 - 5.1
------------ ----------- ------------ ----------- ----------- ---------- ---------- ----------
Total 98.6 5.5 5.4 5.6 115.1 - 115.1
------------ ----------- ------------ ----------- ----------- ---------- ---------- ----------
Year-to-date 31 December 2017
Investment Charles Held
Management Asset Financial Stanley Core For
Services Management Planning Direct Business Sale(1) Total
GBPm GBPm GBPm GBPm GBPm GBPm GBPm
Fee income 66.4 4.4 4.4 2.9 78.1 0.5 78.6
Commission 30.3 0.7 - 1.1 32.1 - 32.1
Interest
income 0.9 - - 0.2 1.1 - 1.1
------------ ----------- ------------ ----------- ----------- ---------- ---------- ----------
Total 97.6 5.1 4.4 4.2 111.3 0.5 111.8
------------ ----------- ------------ ----------- ----------- ---------- ---------- ----------
(1) Held For Sale represents revenue from EBS Management PLC,
which was sold by the Group on 31 May 2017.
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END
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