BRITISH wealth manager Rathbone Brothers defied the financial turmoil emanating from the Eurozone debt crisis during 2011, managing a modest increase in the amount of money it runs as its sales countered falling markets.
Total funds under management at the end of 2011 stood at £15.8bn, up 1.4 per cent over the year.
For comparison, the FTSE 100 dropped 5.6 per cent over 2011, the firm said yesterday.
The most closely watched benchmark for the UK’s private wealth management sector, the APCIMS Balanced Index, dropped 2.8 per cent over the same period.
But while investors will cheer the firm’s resilience to the financial crisis, the growth rate contrasts sharply with the near 20 per cent growth in funds under management booked in 2010.
The firm warned 2012 will continue to see tough economic headwinds but said it could see signs of improvement in the outlook.
“Rathbones is cautiously optimistic about prospects for 2012... There is no doubt that the uncertainties over Europe persist but this is balanced by indications that the economic environment is showing small signs of improvement,” it said.
Rathbones shares closed up 3.1 per cent per cent yesterday at £10.70. The company will publish annual results for 2011 on 21 February.
City A.M. Reporter