Member Article

Positive outlook for wealth management group as funds grow

Liverpool-based wealth management group, Rathbone Brothers, has reported a “positive” outlook for its third quarter period, with funds under management growing by more than 15%.

The firm, which operates out of the Port of Liverpool Building, saw total funds under management rise by 15.6% to £20.8bn, at September 30, compared with a 9.6% increase in the FTSE100 in the first nine months of 2013.

The total annualised rate of net inflows in Rathbone Investment Management for the nine months ended September 30, grew by 9.1%, compared with 5.5% in 2012, including acquired funds under management of £554m.

Net operating income of £123.3m in Rathbone Investment Management for the nine months to September 30 was 12.7% higher than the previous year.

However, net interest income of £6.3m in the first nine months was down 17.1%, from £7.6m. This includes interest income from loans to clients which totalled £1.6m for the nine months, up 60% from £1m in 2012.

Chief executive Andy Pomfret said: “Investment conditions have been favourable in 2013 and this, together with improving levels of net organic growth in the third quarter, has helped increase total funds by over 15% since the beginning of the year.

“Our outlook remains positive as we continue to respond to the ongoing changes in the industry and develop as a leading UK provider of high quality personalised discretionary investment management services.”

This was posted in Bdaily's Members' News section by Simon Malia .