Charles Stanley finished the decade with a boost to its FUM

Charles Stanley finished the decade with a boost to its FUM

Investment management company Charles Stanley Group (LON: CAY) issued a positive update to round off 2019.

The company reported that revenues had jumped 14.2% year-on-year, from £37.4 million to £42.7 million. It said this was driven by increases in commission and fee income, which rose 19.5% and 13.5% respectively.

The Group added that its Funds under Management and Administration grew by 2.8% over the three month period, from £24.6 billion to £25.3 billion.

It said this change reflected market improvement of £1.0 billion, which was offset by net outflows of £0.3 billion during the period.

Charles Stanley comments

Paul Abberley, Chief Executive Officer of the company, said,

 “Growth in FuMA over the third quarter mainly reflected market improvements. Group revenues have continued to improve year-on-year benefiting from higher trading volumes, market volumes and repricing, and our transformation programme is on track.”

Investor notes

AJ Bell PLC (LON: AJB) posted a strong full year, Monks Investment Trust PLC (LON: MNKS) underperformed, Investec plc (LON: INVP) sells its asset management division and Personal Assets Trust PLC (LON: PNL) provided a cautious update.

Charles Stanley shares ralled 4.95% or 15.00p to 324.00p per share 14/01/19 14:00 GMT. Peel Hunt reiterated their ‘Buy’ stance on Charles Stanley stock, the company’s p/e ratio stands at 17.08 and their dividend yield is 2.75%.