Charles Stanley has agreed the sale of its Securities arm and plans to restructure its asset management offering after reporting an "unsatisfactory" loss of £6.1m for the year to 31 March.
Reporting full-year results, the firm said revenues rose by just 1% to £149.7m, with rising costs meaning pre-tax earnings slipped from £6.1m in 2014 to a loss of £6.1m for this financial year. But the group has moved a step closer to its aim of focusing on “core” wealth management services, in a bid to boost its operating margin to 15% by 2018, announced earlier in 2015 following a strategic review. The sale of Charles Stanley Securities to Panmure Gordon has been agreed for an initial fee of £1.5m, Charles Stanley said. The fee could eventually rise as high as £6.5m, the two firms a...
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