British wealth manager Rathbone Brothers has reported pre-tax profit of £30.9 million for the six months ended 30 June 2014, a rise of 33.2% compared to £23.2 million a year ago.
The group’s underlying profit before tax (excluding charges in relation to client relationships and goodwill, gain on disposal of financial securities and transaction costs) increased 13.4% from £26.1 million to £29.6 million, representing a margin of 30.2% versus 29.6% in 2013.
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Net fee and commission income for the first six months of 2014 totaled £91.3 million, up from last year’s £81.9 million pounds.
Total funds under management at 30 June 2014 were £23.9 billion, up 8.6% from £22.0 billion at 31 December 2013.
Underlying operating income in Investment Management was £90.8 million in the first six months of 2014, up 9.4% compared to£83 million a year ago.
Net interest income of £4.4 million in the first six months of 2014 increased 4.8% from £4.2 million in 2013 largely due to an increase in average liquidity from £1 billion at 31 December 2013 to £1.1 billion at 30 June 2014 and more client lending.
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By GlobalDataRathbone, in a separate communiqué, said it entered into a conditional agreement to contribute to a settlement of legal proceedings in Jersey involving a former director and employee of a former subsidiary Rathbone Trust Company Jersey Limited and others, and to settle associated legal proceedings against certain of Rathbones’ civil liability insurers.
However, the terms of settlement were not revealed.
