RATHBONE Brothers shrugged off concern over the Eurozone to post a 20 per cent rise in profits for last year.
The genteel wealth manager, whose origins go back to 1742, said global output is continuing to grow and there are “small signs” of improvement in some developed economies.
Rathbones, which has a banking licence, pulled its money from Spanish and Italian banks and invested in British treasury bills. Chief executive Andy Pomfret told City A.M. that international investments had felt the impact of the Eurozone crisis but struck an otherwise bullish tone.
“There is no doubt that the uncertainties over Europe persist but these are balanced by indications that the world economy continues to grow and some developed economies are showing small signs of improvement,” he said.
Rathbones posted underlying pretax profit of £46.2m for the year to 31 December, stripping out exceptional items such as £3m on relocating all its London staff to a single Mayfair office and gains from the disposal of financial securities.
The board recommended a 29p final dividend for 2011, bringing the total for the year to 46p, compared with 44p a year earlier.
Total funds under management inched up 1.4 per cent to £15.85bn during a turbulent year for the sector.