Rathbones breaks £16bn assets under management

WEALTH manager Rathbone Brothers has increased its assets under management (AUM) to more than £16bn for the first time.

The historic fund house said its asset pool had hit £16.04bn in the first three months of this year, up 2.6 per cent from the £15.6bn it held at the end of 2010.

The increase compares to a 1.8 per cent increase in the FTSE 100 Index for the same period, as markets struggle through a difficult period for share trading.

Rathbones’ investment management net operating income hit £33.9m in the first-quarter, up 12.3 per cent on a year earlier.

Net interest and other income for the firm fell to £2.6m in the three months to 31 March, down 3.7 per cent on the same period in 2010.

Chairman Mark Powell said: “Despite a particularly uncertain economic environment, Rathbones has achieved excellent growth.”