Rathbone Brothers have seen their funds under management jump to £60.9bn, the wealth manager confirmed in its quarterly trading update today.
In the first nine months of the year funds under management and administration at the wealth management company rose by 11 per cent to £60.9bn, outperforming £54.7bn recorded at the end of 2020.
The majority, at £48.8bn, of the funds came from the firm’s investment management business while £12.1bn came from the Rathbone Funds business.
In the three months to 30 September, gross inflows were £1.1bn – almost double that of the same period last year- while underlying net operating income rose by 22 per cent to £106.4m, from £87m in the third quarter last year.
The results were partly driven by a rise in investment management fees of 28.2 per cent compared to last year, as a result of positive markets, said the wealth manager in its trading update.
“With a clear direction and strong balance sheet, we are confident that our current plans place us in a strong position to take advantage of future growth opportunities across the Rathbones Group,” said chief executive Paul Stockton.
He added that the company looks forward to the completion of its £150m acquisition of advice firm Saunderson House, which was first announced in June, in their next quarter.
The deal could reportedly add a further £4.7bn to its assets under management.