British investment manager Rathbone Brothers reported total funds under management (FuM) of £19.6 billion for the first quarter ended 31 March 2013, up 8.9% from £18 billion at 31 December 2012.
In its interim statement, the firm said that growth in total FuM had continued since 5 April, and on 30 April 2013 total FuM was £20.1 billion, including £339 million from the acquisition of Taylor Young’s private client business.
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The group’s funds business, Rathbone Unit Trust Management, saw funds under management increase 10.8% to £1.4 billion as at 31 March 2013, compared with £1.3 billion as at 31 December 2012 with net inflows of £23 million during the quarter.
Net operating income in Rathbones’ core Investment Management business was £41.6 million, up 9.8% compared £37.9 million in the year ago period.
For the quarter, net interest income slid to £2.1 million from £2.6 million pounds in the prior year, while income from fees increased to £24.9 million from £21.7 million last year.
Mark Nicholls, chairman of Rathbones, said: "More positive investment markets in the first quarter of 2013 helped increase net operating income by 10% year on year. Total net growth in funds under management in our investment management business was £368 million representing an annualized growth rate of 8.8%."
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By GlobalData"Our outlook is positive and we continue to invest in people and systems while managing costs carefully. Rathbones now manages over £20 billion of funds and is well positioned to take advantage of healthier investment markets and future growth opportunities," Nicholls added.
