Rathbones sees strong growth on all fronts

WEALTH management group Rathbone Brothers said its had overcome continuing economic uncertainty to post double-digit increases in funds under management and net operating income.

The listed group, founded as a timber trader in Liverpool in 1742, still has an office in its home city as well as more than 10 other locations including Kendal, Birmingham and its HQ in the City of London.

In the three months to the end of March, funds under management rose 14% to £16.03bn on the same period last year. In the same period net operating income was 11.8% ahead at £35.9m.

Addressing his last annual meeting before stepping down, chairman Mark Powell told shareholders the group had made “excellent” progress.

“Despite a particularly uncertain economic environment, Rathbones has achieved excellent growth in funds under management during the first quarter of this year. 

“Organic and acquired growth in our Investment Management business was an annualised 9.8%.  In the same period Rathbone Unit Trust Management returned to receiving net inflows of funds and total funds under management in Rathbones now exceed £16bn.”

Mr Powell, who will be succeeded by Mark Nicholls, said the business has a “very strong and positive future.”