Getting its house in order has been a long process for Charles Stanley (CAY), but its work restructuring and streamlining its businesses is beginning to pay off. Five offices have been reduced to one, housing its core investment management business plus a reorganised financial planning division, fund management and online broking. Overall expenditure reduced to just under £70m during the six months to September, from £73m the previous year. What's more, the wealth manager booked a net gain of £3.2m after surrendering a long-term lease, which boosted earnings.
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