Wealth manager Rathbones is upbeat as assets rise 12 per cent

City A.M. Reporter
UPMARKET investment manager Rathbone Brothers said yesterday its total assets have jumped nearly 12 per cent since the start of the year, boosted by buoyant financial markets and recent takeover activity.

The firm, which in November bought Taylor Young’s private client business, said total funds under management were £20.1bn at the end of April, with net operating income rising 10 per cent in the first quarter.

Net organic growth – which can consist of new money from either existing or new clients – in the firm’s investment management unit was 3.8 per cent on an annualised basis, up slightly from levels seen a year ago.

“Our outlook is positive,” said chairman Mark Nicholls in the statement.

In February Rathbones said underlying profit for 2012 dipped to £45.1m but said it was more optimistic due to a rally in markets and anecdotal signs that some investors were willing to commit more cash.