Takeover target Charles Stanley reports revenue up 15%
Revenue in the second quarter at wealth management firm Charles Stanley increased by 15.3% year on year to £46m.
The firm, set to be acquired soon by Raymond James, saw a 19.5% increase in fee income in the second quarter.
Revenue in the first half increased by 12.1% to £91.9m (H1 2020: £82m).
Total funds under management and administration (FUMA) rose marginally in the second quarter by 1.1% to £27.4bn (Q1: £27.1bn).
FuMA (Funds Under Management or Advice) was up by 7% in comparison to the financial year end position of £25.6bn at 31 March 2021.
Average FuMA increased by 22.2% over the first half of the financial year to £27bn (H1 2020: £22.1bn), due to buoyant stock markets.
The wealth manager also shared an update on its acquisition by Raymond James UK Wealth Management.
The deal will see around 200 wealth managers join Raymond James bringing approximately £27.1bn in assets under management. This will bring Raymond James’ UK client assets under management to over £40bn.
Charles Stanley said the acquisition remains subject to satisfaction of a waiver of some outstanding conditions, including the FCA having notified Raymond James in writing of its approval of the change of control of Charles Stanley & Co and Myddleton Croft as a result of the acquisition and the court sanctioning the acquisition at a sanction hearing, which is expected to be held in the fourth quarter of 2021.
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