British wealth manager Rathbone Brothers has posted a net income of £55.6m for the third quarter ended 30 September 2015, up 13.5% from £49m in the year ago quarter.
The group’s funds under management (FuM) stood at £27.6bn at 30 September 2015, down 2.5% from £28.3bn at 30 June 2015.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Rathbone Investment Management’s total net organic and acquired growth of funds under management were £419m for the third quarter 2015, while net organic inflows were £163m, representing an underlying annualised growth rate of 2.5%.
For the three months ended 30 September 2015, underlying net operating income in Rathbone Investment Management was £50.5m, up 12% from £45.1m for the comparable period in 2014.
Net interest income of £2.7m in the third quarter was up 17.4% from £2.3m a year ago, the company said in statement.
The group’s funds business, Rathbone Unit Trust Management, saw funds under management increase 3.7% to £2.8bn as at 30 Spetember 2015, compared with £2.7bn at 30 June 2015. The unit also posted net inflows of £99m compared to £100m a year ago.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataOn 1 October 2015, Rathbone had agreed to ACQUIRE the remaining 80.1% of Vision Independent Financial Planning and Castle Investment Solutions to support its strategy of expanding its distribution network.
Rathbone Brothers CEO Philip Howell said: "Third quarter net operating income increased 13% compared to a year ago in spite of subdued investment markets. Although our outlook remains cautious in light of recent markets, our agreement in early October to purchase the remaining 80% of the Vision group is an example of the investment we continue to make to take advantage of future growth opportunities."
