Rathbone sees funds grow by 22.2%
RATHBONE Brothers, the asset management group founded in Liverpool in 1742 but now run out of London, saw funds grow by 22.2% to £22bn last year.
Figures for the year to December show the net growth of funds under management was 9%, up from 6.2%. Rathbone acquired around £600m of investments, mainly through its takeover of Taylor Young Investment Management’s client base.
Profit before tax was up 14.8% at £44.2m.
Chairman Mark Nicholls said: “2013 was a positive year for investment markets generally, benefiting both Rathbones and our clients. This positive backdrop, combined with better levels of new business, meant that our total funds under management grew by 22.2% over the year to £22bn. It is particularly pleasing that the growth in our business was broad-based.
“Philip Howell will become chief executive on 1 March 2014 in succession to Andy Pomfret who is retiring. Rathbones has flourished under Andy’s strong leadership and it is a tribute to him that he not only brought in Philip as a potential successor but has also ensured a smooth handover of responsibilities.”
He added: “We are well placed to take advantage of future growth opportunities in our sector and continue to look to the future with optimism.”
