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.
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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.
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By GlobalData"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."
