British wealth manager Rathbone Brothers has posted a profit before tax of £58.6m for the year ended 31 December 2015, an increase of 28.2%, compared to £45.7m in 2014.
The group’s underlying profit before tax (excluding acquisition-related costs, head office relocation costs and charges in relation to client relationships and goodwill) increased 14.3% to £70.4m from £61.6m.
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Total funds under management as at 31 December 2015 were £29.2bn, up 7.4% from £27.2bn at 31 December 2014.
The bank said that its underlying operating income in investment management was £209m for the year 2015, an increase of 12.7% compared to £185.4m in 2014.
Net interest income of £10.8m grew by 17.4% compared to £9.2m in 2014, reflecting larger average levels of liquidity.
The bank’s underlying operating expenses grew 14.1% to £158.8m largely reflecting growth of the business, higher performance-based staff costs and salary inflation.
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By GlobalDataThe group’s unit trust business managed £3.1bn of funds under management at 31 December 2015. The unit saw gross sales of £0.9bn in 2015 compared to £1.0bn in 2014.
The company’s board proposed a final dividend of 34p for 2015 (2014: 33p), making a total of 55p for the year (2014: 52p), an increase of 5.8% on 2014.
Rathbone Brothers chairman Mark Nicholls said: "In spite of subdued investment markets, 2015 was a strong year for Rathbones with our total funds under management growing by 7.4% to £29.2 billion (2014: £27.2 billion).
