British wealth manager Rathbone Brothers' total funds under management (FuM) stood at £33.2bn at the end of the third quarter of 2016, up 8.5% from £30.6bn at 30 June 2016.
For the quarter ended 30 September 2016, the company’s net operating income was £65.9m, a surge of 18.5% from £55.6m in the prior year.
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Net interest income jumped 14.8% to £3.1m from £2.7m in the corresponding period in 2015.
Net operating income in the company’s Investment Management unit in the third quarter of 2016 was £59.2m, a rise of 17.2% from £50.5m during the same period in 2015.
FuM in the company’s Unit Trusts arm at 30 September 2016 stood at £3.9bn, an 18.2% increase from £3.3bn at 30 June 2016.
Rathbone Brothers CEO Philip Howell said: "Our total funds under management reached £33.2 billion at the end of the third quarter, up 8.5% from 30 June 2016, reflecting more favourable investment markets and continued business growth.
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By GlobalData“Our Unit Trust business in particular posted strong net inflows of £170 million against a challenging industry backdrop for inflows as a whole. Our trading outlook for the full year is consistent with market expectations.”
Separately, the company has announced plans to raise £38m through a share placing to help plug the deficit in its defined benefit pension scheme.
The pension deficit as at 30 September 2016 was £58.3m, a £26.3 rise from £32m at 30 June 2016 and a rise of £53.8m from £4.5m at 31 December 2015, the company said in a statement.
