British wealth manager Rathbone Brothers has posted a pre-tax profit of £50.1m for the year ended 31 December 2016, a 14.5% fall compared to £58.6m a year ago.

The firm attributed the fall in profit to acquisition-related costs, head office relocation costs and charges in relation to client relationships and goodwill.

However, underlying pre-tax profit for the year increased 6.4% to £74.9m from £70.4m a year ago. Underlying operating income stood at £251.3m, up 9.6% from £229.2m in 2015.

Total underlying operating expenses rose 11.1% year-on-year to £176.4m, which according to the firm was mainly driven by investment in strategic initiatives and underlying growth in the business.

Total funds under management were £34.2bn at the end of December 2016, a 17.1% surge from £29.2bn at the end of 2015.

Rathbone Brothers chairman Mark Nicholls said: "After a nervous start to 2016, the FTSE 100 performed increasingly strongly as the year progressed, largely reflecting the impact of a sharp fall in sterling after the EU Referendum vote. Nevertheless, the recovery in the second half had a favourable impact on our financial performance, helping our total funds under management to grow by 17.1% to £34.2 billion.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"In spite of continuing political and economic uncertainties, we will pursue our planned strategic growth initiatives and continue to take advantage of growth opportunities in the sector."