Fee income increased by 10.7% to £22.8m over the quarter and dealing commission rose by 15.7% to £11.6m. Total funds under management and administration at 31 December 2016 crept up 0.9% in the quarter to £22.7bn.
Advisory managed funds declined by 3.8% and advisory dealing funds remained flat. Discretionary and execution-only funds ticked up by 1.9% and 1.3% respectively,
Over the same period the WMA Balanced Portfolio Index increased by 2.4%.
Total group revenues on a year-to-date basis are down 3% from £107.2m to £104.1m. The firm said this reflects the disposals of Charles Stanley Securities and Charles Stanley Financial Solutions in the prior year.
Chief executive Paul Abberley said: “The group reported in November of last year that it had concluded the remuneration consultation, and we are now moving forward with our plan to further develop our sales channels and improve operational efficiencies across the Group. We are seeing revenues improving across the business; driven by favourable market conditions, the continuing shift to fee based tariffs and higher trading activity.”
