Charles Stanley assets have increased by 2 per cent in the first quarter of 2021, with the wealth manager saying it is "cautiously optimistic that the worst of the pandemic is behind us".
In a quarterly update released today (15 April) the group said its total funds under management and administration over the quarter ending March 31 had increased to £25.6bn.
However, over the whole financial year average funds under management and administration were down 4.1 per cent to £23.2bn, from £24.2bn in the previous year, reflecting the "stressed market conditions" during the pandemic.
Paul Abberley, chief executive officer of Charles Stanley, said: “Charles Stanley has delivered a notably resilient performance since the onset of Covid-19 just over a year ago.
"Revenues have held up well across all divisions, supported by our focus on excellent client service, and costs have been well controlled.
“We are cautiously optimistic that the worst of the pandemic is behind us and we expect to make further progress in the year ahead.”
Charles Stanley had a rocky start to the pandemic but in the last quarter of 2020 its assets increased by 10 per cent.
In its update today, the wealth manager said total revenue for the year remained stable at £171.2m.
The group said fee income had risen 3.2 per cent and commission income 1.5 per cent, offsetting a 68.8 per cent reduction in interest income due to lower base rates.
The gross inflows and gross outflows at Charles Stanley matched in the first quarter of 2021.
Ruth Gillbe is a freelance reporter for FTAdviser
