Charles Stanley Group PLC Trading Update (9925E)
July 10 2019 - 2:00AM
UK Regulatory
TIDMCAY
RNS Number : 9925E
Charles Stanley Group PLC
10 July 2019
10 July 2019
Charles Stanley Group PLC
Trading update for the three months ended 30 June 2019
Charles Stanley Group PLC ("Charles Stanley" or the "Group")
today issues a trading update for the quarter ended 30 June
2019.
Total Funds under Management and Administration ("FuMA") at 30
June 2019 improved to GBP24.4 billion, representing an increase of
1.2% on the GBP24.1 billion reported at 31 March 2019. In the
quarter, the MSCI WMA Private Investor Balanced Index was up 2.8%
whilst the FTSE 100 index increased at a lower rate of 2.0%. The
Group generated investment performance gains of GBP0.9 billion over
the period, which more than offset net outflows of GBP0.6
billion.
As a result of the Group's focus on growing the higher margin
discretionary service, this category continues to outperform other
service types with FuMA up 3.1%. Advisory managed and
execution-only funds were flat, with a small fall in advisory
dealing FuMA.
Core Business revenues for the quarter increased by 5.9% to
GBP41.5 million from GBP39.2 million. This was driven by fee income
growth, up 7.7%. Fees grew both as a result of the continuing
service mix change toward discretionary and the completion of the
repricing exercise at the end of the last financial year. Interest
income was up GBP0.8 million, a reflection of higher interest rates
and cash balances than a year ago. These increases more than
compensated for a continued decline in commission income.
Paul Abberley, Chief Executive Officer of Charles Stanley, said:
"I am pleased to see that revenues and Funds under Management and
Administration continue to grow. These are a result of our previous
strategic decisions and the improvements have allowed us to focus
on the implementation of our transformation programme to improve
productivity and operational efficiency."
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 Ian Silvera
Via Newgate Communications 020 7523 4677 020 7418 Megan Kovach
8893 020 3757 6884
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 800 professionals located in 27 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
Jun 19 Mar 19 Change
since Mar
19
GBPbn GBPbn
Discretionary funds 13.5 13.1 3.1%
Advisory managed funds 1.5 1.5 -%
------------------------------------ ------- ------- -----------
Total managed funds 15.0 14.6 2.7%
------------------------------------ ------- ------- -----------
Advisory dealing funds 1.2 1.3 (7.7%)
Execution only funds 8.2 8.2 -%
------------------------------------ ------- ------- -----------
Total administered funds 9.4 9.5 (1.1%)
------------------------------------ ------- ------- -----------
Total FuMA 24.4 24.1 1.2%
MSCI WMA Private Investor Balanced
Index 1,632 1,587 2.8%
The change in FuMA since 31 March 2019 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 April
2019 13.1 1.5 1.3 8.2 24.1
New clients 0.1 - - 0.1 0.2
Transfers - - - - -
Net inflow/(outflow)
from existing clients (0.1) - - (0.2) (0.3)
Lost clients (0.2) - (0.1) (0.2) (0.5)
Net inflow/(outflow)
of funds (0.2) - (0.1) (0.3) (0.6)
Market movement 0.6 - - 0.3 0.9
Funds at 30 June
2019 13.5 1.5 1.2 8.2 24.4
REVENUE
The table below set out the revenues of the Group for the
quarter ended 30 June 2019 along with the prior year comparatives
on a like-for-like basis.
Quarter to 30 June 2019
Investment Charles
Management Financial Stanley Core
Services(1) Planning Direct Business
GBPm GBPm GBPm GBPm
Fee income 26.2 1.7 1.3 29.2
Commission 9.5 - 0.4 9.9
Interest income 1.9 - 0.5 2.4
-------------------- -------------------- ------------ ----------- -------------
Total 37.6 1.7 2.2 41.5
-------------------- -------------------- ------------ ----------- -------------
Quarter to 30 June 2018
Investment Charles
Management Financial Stanley Core
Services(1) Planning Direct Business
GBPm GBPm GBPm GBPm
Fee income 24.6 1.7 0.8 27.1
Commission 10.1 - 0.4 10.5
Interest income 1.1 - 0.5 1.6
------------------------- --------------- ------------ ----------- -------------
Total 35.8 1.7 1.7 39.2
------------------------- --------------- ------------ ----------- -------------
(1) As part of the recently announced reorganisation, the
management of the Asset Management division has been combined with
that of the Investment Management Services division. Accordingly,
Asset Management's figures have been incorporated into those of
Investment Management Services and not reported separately.
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END
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