"Whilst management have taken actions to reduce the cost base and boost income the board now expects that, barring a significant improvement in the markets, trading results will be materially below current market expectations," it said.
Stuart Duncan, analyst at Peel Hunt, said the warning indicated that "trends highlighted in previous statements have continued – lower commission income, and increased investment in the business".
Charles Stanley said total client funds stood at £20.5bn at the end of August, up 1.9pc on the total at the end of March.
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