Rathbones earnings flat as assets grow
WEALTH and investment manager Rathbone Brothers saw assets under management rise 13.4% to £18bn in 2012, but profits were 1% lower at £38.8m in a “challenging year”.
The group, which was founded in Liverpool – where it still retains a sizeable presence with 380 staff at the Royal Liver building – said its is looking at 2013 with optimism although it is conscious that markets remain “fragile”.
Chief executive Andy Pomfret said: “Market conditions remained challenging for private clients in 2012.
“After a challenging 2012 UK equity markets ended the year on a more positive note and this has continued into 2013. Rathbones looks forward to 2013 with more optimism although markets do remain fragile as governments, particularly in the US, the UK and the euro zone, battle with difficult economic and financial conditions.
“Rathbones continues to grow and consolidate its position as a leading provider of high-quality, personalised discretionary investment management services.”
Including Liverpool and its London head office Rathbones has more than 800 staff in 12 UK locations and Jersey.
Chairman Mark Nicholls said 2012 had seen the investment management industry hit by economic and regulatory uncertainty
He said the impact of the Retail Distribution Review – a new regulatory system brought in by the Financial Services Authority on January 1, would “not be clear for some time”, but would force some intermediaries out of business.
