Rathbones weathers difficult markets as funds edge up again

 
Michael Bow
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RATHBONE Brothers’ takeover of Jupiter’s private client business and solid inflows helped cushion difficult markets for the group last quarter.

The FTSE 250-listed firm, which offers funds and advice to well-heeled clients, said assets under management rose to £26.3bn for the three months ending 30 September.

This came despite weaker markets, with the FTSE 100 falling 2.6 per cent during the quarter.

Although the group’s acquisitions added £2.1bn in the quarter, Rathbones also grew organically by attracting £664m of inflows to the business.

Higher outflows and poor market performance took the shine off the fund flows.

“Despite relatively flat investment markets in the third quarter, Rathbones’ funds under management grew 10 per cent,” chief executive Philip Howell said.

“Our outlook remains positive as we respond to the ongoing changes in the industry.”