RATHBONE Brothers, the wealth management house, yesterday reported a 9.5 per cent increase in assets under management despite a slowdown in money being allocated to it by customers.
The Curzon Street-based firm, which traces its roots back more than 270 years, increased its asset base to £17.4bn but saw slower inflows in both its investment management and unit trust arms compared to last year.
The fund said the rate of net inflows into its investment management business had slowed to 5.5 per cent from 8.2 per cent last year, dragged down by the loss of its only investment trust worth £31m.
Funds under management in its unit trust arm added £50m in the nine months ending 30 September 2012, a 13.9 per cent increase since December but less than the £62m in the same period last year.
“It’s a tough market,” chief executive Andy Pomfret said. “We’ve had some of the lowest organic growth rates we have ever reported. But at least we are still growing, it’s an achievement in the current environment.”
Pomfret added the firm was exploring small bolt-on acquisitions similar to its purchase of AIB Jersey at the start of the month. “We look at several at any given time,” he added.