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Wealth management services group Charles Stanley reported a rise in quarterly funds under management and administration in the second quarter of the year as markets bounced back from their March lows.
For the three months ended 30 September 2020, funds under management and administration, FuMA, increased by 0.9% to £22.8 billion against the prior quarter.
This compared to a 0.4% decrease over the same period in the MSCI WMA Private Investor Balanced Index.
Compared to the financial year-end position at 31 March 2020, FuMA were up 12.9%, but this 'material movement mainly reflected the market disruption caused by the coronavirus pandemic, and average FuMA over the first half of £22.1 billion was 9.4% lower than average FuMA of £24.4 billion over the first half of last year,' the company said.
Revenue for the quarter decreased by 6.8% to £39.9 million (Q2 2020: £42.8 million), resulting in a 4.1% reduction over the first half to £82.0 million year-on-year.
At 8:45am: (LON:CAY) Charles Stanley Group PLC share price was +9p at 244p