Wealth manager Charles Stanley announced a bounce-back in funds under management over the first quarter, as it said it would focus on its ongoing digital transformation for the remainder of the year.

Funds under management and administration (FUMA) at 30 June 2020 increased by 11.9 percent to £22.6 billion over the three months, from £20.2 billion at 31 March.

Over the same period the MSCI WMA Private Investor Balances Index rose 10.6 percent.

Group revenue for the quarter was up 1.7 percent to £42.2 million (2019: £41.5 million), while fee income increased by 4.1 percent, primarily reflecting a 35.3 perce...