Fund management group Charles Stanley suffered a drop in revenues in the third quarter, showing the impact of the financial market downturn which has also affected peers such as Jupiter Asset Management and Aberdeen Asset Management.
Charles Stanley said today that revenues for the third quarter ending December 31 had fallen 15.5% from a year ago to £27.3 million but total fees increased by 5.8% to £16.6 million.
Total client funds stood at £14.48 billion, which demonstrated underlying organic growth over
the nine months.
Charles Stanley had already warned in October that its first-half profits would fall due to the tough market environment, while rival fund management companies Jupiter and Aberdeen revealed earlier in January a wave of withdrawals by clients.
