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Charles Stanley hit by lower equity markets

Published: 20:36 17 Jan 2019 AEDT

FTSE 100
UK market fell sharply over the quarter

Weak equity markets hit broker and wealth manager Charles Stanley Group PLC’s (LON:CAY) latest quarter with the value of funds managed (FUM) dropping by almost 9% as FTSE100 retreated.

FUM were £22.8bn at end December compared to £25bn three months earlier.

The FTSE 100 index dropped by 10.4% over the same period and Charles Stanley said every service type was affected.

New money was steady with discretionary services £0.2bn higher while execution-only funds were flat excluding market movements.

Revenues rose by 0.3% as Charles Stanley Direct grew strongly.

Shares fell 5% to 254p.

 

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