Charles Stanley Direct revenues stall but group sees AUM hit record

D2C platform Charles Stanley Direct reported a net revenue increase of just £3,000 in 2013, blaming rising industry costs, but the wealth manager saw revenues jump 18% overall as AUM hit a record £20bn.

The group's D2C platform reported revenues of £697,000 for the quarter ending 31 December – up from £694,000 in 2012. However, for the nine months to end of December, the revenue from CS Direct is down compared to the same period in 2012, with both its own admin fee and fund commissions both falling. In total it made £2.16m of revenue to the business in 2013, down from £2.28m in 2012. CS Direct has been locked in a price war with Hargreaves Lansdown, undercutting its larger rival by offering charges of 25bps on assets under £250,000. It said today: “Charles Stanley Direct is est...