Charles Stanley Group PLC Trading Statement (7937E)
21 July 2016 - 4:00PM
UK Regulatory
TIDMCAY
RNS Number : 7937E
Charles Stanley Group PLC
21 July 2016
21 July 2016
Charles Stanley Group PLC
Q1 2017 Trading Update
Charles Stanley Group PLC ("Charles Stanley" or "the Group")
today issues a trading update for the three months ended 30 June
2016. The Company remains on track and results are in line with
management expectations.
Total Funds under Management and Administration ("FuMA") at 30
June 2016 were GBP20.9 billion representing an increase of 2.0%
compared to GBP20.5 billion at 31 March 2016. Discretionary and
execution only funds increased respectively by 4.3% and 2.9% whilst
advisory managed and advisory dealing declined by 3.8% and 5.9%.
Over the same period, the FTSE 100 Index rose by 4.9% and the WMA
Balanced Portfolio Index increased by 4.6%.
Revenues in the Core Business for the quarter ended 30 June 2016
decreased on a like-for-like basis compared to the same quarter
last year by 6.9% to GBP33.8 million (30 June 15: GBP36.3 million).
This decline was mainly a result of a reduction in trail
commission, commission on bargains and interest turn. Overall
revenues fell by 12.5% to GBP33.8 million following the disposals
last year of Charles Stanley Securities and Charles Stanley
Financial Solutions, sold in order to focus on developing the core
wealth management business.
Paul Abberley, Chief Executive Officer, commented:
"Overall FuMA increased by 2.0% from the start of the financial
year and we have increased discretionary funds 4.3% to GBP9.8
billion. This has been achieved against a backdrop of market
uncertainty leading up to the EU referendum vote. Stewardship of
our clients' assets is particularly important during uncertain
times and we will continue to monitor carefully both the political
and economic environment. At the same time, we will pursue our
strategy of focusing on clients, delivering a holistic wealth
management service and improving our operating margins across all
our divisions."
For further information, please contact:
Charles Stanley Canaccord Peel Redleaf Communications
Joanne Vowles Genuity Hunt Rebecca Sanders-Hewett
Head of Communications Roger Lambert Guy Wiehahn Charlie Geller
Via Redleaf 020 7523 020 7418 020 7382 4730
4619 8893 CScapitalmarkets@redleafpr.com
Notes to editors:
Charles Stanley was established in 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 450
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 and custody for investment portfolios, SIPPs and
ISAs 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
Change
Jun 16 Mar 16 since
GBPbn GBPbn Mar 16
Discretionary funds 9.8 9.4 4.3%
Advisory managed
funds 2.5 2.6 (3.8%)
----------------------- -------- -------- -------
Total managed funds 12.3 12.0 2.5%
----------------------- -------- -------- -------
Advisory dealing
funds 1.6 1.7 (5.9%)
Execution-only funds 7.0 6.8 2.9%
----------------------- -------- -------- -------
Total administered
funds 8.6 8.5 1.2%
Total FuMA 20.9 20.5 2.0%
----------------------- -------- -------- -------
FTSE 100 Index 6,478 6,175 4.9%
----------------------- -------- -------- -------
WMA Balanced Index 3,721 3,556 4.6%
----------------------- -------- -------- -------
The change in managed funds since March 2016 is explained in
more detail in the table below:
Discretionary Advisory
managed managed Total Change
GBPbn GBPbn GBPbn %
Funds at 1 April 2016 9.4 2.6 12.0
New clients 0.1 - 0.1
Transfers - (0.1) (0.1)
Net inflow/(outflow)
from existing clients - (0.1) (0.1)
Lost clients (0.1) - (0.1)
Net inflow/(outflow)
of funds - (0.2) (0.2) (1.7%)
Market movement 0.4 0.1 0.5 4.2%
Funds at 30 June 2016 9.8 2.5 12.3 2.5%
REVENUE
The tables below set out the revenues of the Group as at 30 June
2016 along with the prior year comparatives on a like for like
basis.
Quarter ended
30 June 2016
Investment Asset Financial Charles Core Held Total
Management Management Planning Stanley Business For
Services Direct Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fees
Market based 15,299 1,355 125 239 17,018 - 17,018
Administration 2,416 9 1,593 367 4,385 - 4,385
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Total fees 17,715 1,364 1,718 606 21,403 - 21,403
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Commission 11,295 156 6 283 11,740 - 11,740
Interest
turn 514 7 4 120 645 - 645
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Total 29,524 1,527 1,728 1,009 33,788 - 33,788
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Quarter ended
30 June 2015(1)
Investment Asset Financial Charles Core Held Total
Management Management Planning Stanley Business For
Services Direct Sale
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Fees
Market based 16,096 1,146 90 355 17,687 - 17,687
Administration 2,259 36 1,486 578 4,359 2,157 6,516
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Total fees 18,355 1,182 1,576 933 22,046 2,157 24,203
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Commission 12,772 141 9 231 13,153 153 13,306
Interest
turn 898 12 12 175 1,097 - 1,097
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
Total 32,025 1,335 1,597 1,339 36,296 2,310 38,606
---------------- ------------ ------------ ---------- --------- ---------- -------- --------
(1) The revenue figures for each division for the
quarter ended 30 June 2015 have been restated in line
with the classification of the Group's four operating
divisions used for the quarter ended 30 June 2016
to ensure a like for like comparison.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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