- Charles Stanley Group saw annual assets under management rise led by an increased in discretionary funds, but pre-tax profits fell slightly.

For the year ended 31 March, reported profit before tax fell to £11m from £11.4m a year earlier, as the latter included a number of one-off gains. Funds under Management and Administration at 31 March rose to £24.1bn from £23.8m a year earlier, with discretionary funds reaching £13.1bn, up 6.5%.

Revenues increased to £155.2m from £150.9m, with improvements seen in all our divisions, in particular Charles Stanley Direct and Financial Planning, which continued to scale up the business and enhance their offering, the company said.

'Given the extent of the equity market rally earlier this year, we anticipate much more modest returns over the remainder of the year,' the company said. 'The long-term prospects for equities remain positive, but equities are likely to pause for breath until evidence of better economic growth emerges.'

At 8:40am: [LON:CAY] Charles Stanley Group PLC share price was -1p at 316p

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