ROBIN SAVAGE | CANACCORD GENUITY
Rathbones’ funds under management figure is £100m ahead of our forecasts as net inflows into Rathbone Unit Trust Management (RUTM) were £200m ahead of expectation. This is significant as RUTM’s growth should lift the division’s margins and the momentum should continue into 2014.
DAVID MCCANN | NUMIS
We regard Rathbones as one of the quality names in the wealth management sector and thus we believe it merits a slight premium rating, due to its consistent net inflow record, consistent operating margin of around 30 per cent and significant bias towards recurring fee income.