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Charles Stanley hit by lower equity markets

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