British wealth manager Charles Stanley’s funds under management and administration (FuMA) for the fourth quarter ended 31 March 2018 stood at £23.8bn, down 1% compared to £24bn a year ago.
Compared to the previous year, the group’s discretionary funds increased 8% to £12.3bn from £11.4bn. Advisory managed funds slumped 25% to £1.8bn from £2.4bn last year.
Execution-only funds were £8.3bn, as against £8.4bn in the previous year. Advisory dealing funds dropped 22% year-on-year to £1.4bn.
Commenting on the performance, Charles Stanley CEO Paul Abberley said: “As we enter our new financial year, our focus remains on growing our higher margin assets.
“We also intend to build scale in our Execution-only platform and invest in our network of financial planners and distribution capabilities. Concurrently, we continue to work on improving productivity and enhance operational efficiency.”