Revenue in the first half at wealth management firm Charles Stanley increased 12% year on year to £91.9m.

Funds under management and administration rose 7% to a record high £27.4bn (FY 2020/21: £25.6bn).

Underlying profit before tax rose 41% to £9.3m (H1 2020/21: £6.6m).

The underlying pre-tax margin increased to 10.1% (H1 202/21: 8.1%) with underlying earnings per share rising 46.1% to 14.52p per share.

Pre-tax profit was lower at £4.7m (H1 2020/21: £4.8m) due to the impact of one-off costs related to the takeover offer from Raymond James.

Charles Stanley agreed to be acquired by US wealth manager Raymond James, in a deal worth £278.9m, in July. 

The wealth management firms have agreed that Raymond James will acquire the entire issued share capital of Charles Stanley for 515 pence per share.

The deal will see around 200 wealth managers join Raymond James, bringing approximately £27.1bn in assets under management. This will bring Raymond James’ UK client assets under management to over £40bn.

In its latest trading update, Charles Stanley confirmed that its acquisition by the US wealth manager remains subject to FCA approval and sanction by the court and is currently expected to complete in December.

The acquisition must get court approval due to the proposed acquisition method.

Paul Abberley, CEO of Charles Stanley group, said: "The group has performed well, aided by the improvement in investor confidence following the onset of the Coronavirus vaccination programme and global economic recovery. We are continuing with initiatives to enhance our customer proposition, including a streamlined digital offering.

“The recommended offer by Raymond James is expected to conclude in December 2021, subject to FCA and court approvals. We remain confident that our acquisition by Raymond James will bring benefits for clients and staff and create new opportunities for the business to flourish. We look forward to the future with optimism."

In the trading update the firm said it will raise its interim dividend to 4p per share should the acquisition by Raymond James not be sanctioned by the court by 10 December.