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Wealth management services group Charles Stanley reported a rise in funds under management and administration in the first quarter of the year as total revenue was boosted by higher fee income growth.
For the three months ended 30 June 2021, total funds under management and administration increased by 5.9% over the quarter to £27.1 billion.
'This rise compares favourably to a 4.3% increase in the MSCI PIMFA Private Investor Balanced Index over the same period,' the company said.
Total revenue for the quarter rose by 8.1% to £45.6 million as fee income increased significantly to £35.5 million, up 16.8% year-on-year, though was offset by a 5.8% reduction in commission income to £9.7 million and a 73.3% contraction in interest income to £0.4 million, which reflected lower base rates.