Charles Stanley website.
A "confident market" has led to a 31 per cent increase in revenue for stockbroker and asset management firm Charles Stanley.
In its interim management statement today for the three months to 30 June 2013, the firm said revenues increased by 31 per cent.
Revenue was £36.9m, an increase from £28.2m for the same period in 2012. Charles Stanley said the increase was due to higher levels of funds under management and an increasingly confident market.
Fee income increased by 30 per cent and this represented 59 per cent of the firm's total revenue.
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Total client funds decreased by 0.3 per cent from £17.7bn to £17.6bn but discretionary managed funds increased by 1.4 per cent from £6.3bn to £6.4bn.
Funds under administration increased by 16.2 per cent from £7.2bn to £8.4bn. This was split between £2.5bn in advisory dealing and £5.9bn in execution only funds.
The firm said: "It is pleasing to note that the progress started in the second half of the 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."
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