Funds under management at Rathbone Brothers investment management were up 13.9 per cent per cent last year after being boosted by the acquisition of wealth manager Speirs & Jeffrey.
Funds hit £38.5bn at the end of December last year, up from £33.8bn the previous year, including £6.4bn of funds related to the acquisition.
However, in the fourth quarter funds under management declined 6.8 per cent from £41.3bn, reflecting weaker investment markets, the company said.
Shares fell 6.2 per cent from 2484p to 2330p this afternoon after the publication of the company’s trading update for the three months to the end of December last year.
In a statement the company said: “Whilst market conditions can reasonably be expected to be volatile in 2019, we will continue to invest selectively for the longer term in the skills and infrastructure necessary to improve our operational efficiency and deliver high quality services to our clients.”
The City firm completed the acquisition of Scottish wealth manager Speirs & Jeffrey in August last year, absorbing their assets under management and a team of around 150 people.
At the time of the deal’s announcement in June, Rathbones chief executive Philip Howell said: “From the outset of our engagement, both teams have recognised how compatible they are in culture, investment philosophy and dedication to client service.
“Spiers and Jeffrey represents an ideal strategic, professional and geographic fit with Rathbones and we look forward to working together both to develop our business in Scotland and deliver compelling returns for our shareholders.”