Private client stockbroker and investment manager Charles Stanley has enjoyed a roaring end to its financial year as its clients piled into shares.
Total funds under management rose by 15.3% to a new record of £17.7 billion in a year in which the broad APCIMS index increased by 9.9%.
Most importantly there was a 27% rise in discretionary funds under management, to £6.4 billion. This is the most profitable part of the business and over the last two years the firm has concentrated on growing this business, which used to represent less than 30% of funds under management but is now 36%.
The firm has also seen very strong demand for its self-service share trading platform Charles Stanley Direct, which was launched only six weeks ago and has outstripped management expectations.
Recruitment has also been strong with poachings from rivals Brewin Dolphin and Barclays Stockbrokers adding almost 40 new staff in the last year.
The shares rose 5p to 380p.
