Charles Stanley saw its revenues jump by almost a third in the first year of its financial year, although total client funds decreased slightly.
The private client stockbroker’s interim management statement shows revenues rose 31 per cent between 1 April 2013 and 26 July 2013 to £36.9m. Overall fee income made up 59 per cent of revenue over the period.
Charles Stanley says both fee and commission income levels were aided by higher funds under management and improved market conditions.
The update shows total client funds decreased fell by 0.3 per cent to £17.66bn during the quarter. However, discretionary funds were up 1.4 per cent to £6.47bn following net inflows.
Charles Stanley says: “It is pleasing to note that the progress started in the second half of last year has continued.
“Though there are still significant challenges that lie ahead for the wealth management industry, our optimism for the remainder of the year is still a touch higher than it was this time last year.”