Charles Stanley restructure to cost £10m

Annual results

The major restructure announced by Charles Stanley earlier this month is expected to cost £9.5m, the firm said in its annual results.

The changes to its operating model and management structure are expected to take two to three years to complete and are aimed at supporting its goal of achieving a net margin of 15%. As part of the restructure, head of investment management Gary Teper is leaving the firm, it was previously announced. Chief executive officer Paul Abberley commented: "The transformation programme will give rise to exceptional costs over its two-to-three-year implementation period, estimated at £9.5m. "It is expected there will be a net charge to the group's profit for the financial year ending 31 Mar...