British wealth manager Rathbones Brothers’ total funds under management (FUM) stood at £29.3bn at the end of first quarter of 2016, up 1.4% compared to £28.9bn in the prior year.
For the quarter ended 31 March 2016, the company’s net operating income was £58.9m, down 0.7% from £59.3m a year ago.
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Underlying net operating income in Investment Management decreased 2.2% year-on-year to £53.5m. Net interest income rose 7.7% to £2.8m compared to £2.6m during the same quarter in 2015.
Rathbones chairman Mark Nicholls said: "Volatile investment markets have presented challenges that are reflected both in commission income and new business inflows for the period to 31 March. The FTSE 100 index was 6091 on our 5 April 2016 billing date, down 2.4% from 31 December 2015, and 10.9% from a year ago.
"Our growth initiatives remain important for us to maintain our position as a leading discretionary wealth manager. Accordingly, the Board has decided to pursue these longer term initiatives in spite of our expectation that markets will continue to lack direction in the short term. Rathbones remains alert to acquisition opportunities that may arise as a consequence of these market conditions."
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