British wealth manager Rathbone Brothers said that its funds under management and administration totalled £44.1bn at the end of December 2018, an increase of 13% from £39.1bn a year ago.

The group’s net inflows rose to £8.5bn from £2.1bn in the previous year. The figure included £6.8bn from Speirs & Jeffrey, which Rathbones acquired in August last year.

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The Speirs & Jeffrey deal was a stock-cash deal valued at £104m. Around 150 people joined Rathbones as part of the deal.

Funds under management and administration in Rathbones’ investment management unit totalled £38.5bn as of 31 December 2018, up 14% from £33.8bn in the previous year.

However, weak markets dented the performance of the business in the last quarter of 2018.

In the final quarter, Investment Management’s funds under management and administration dipped 7% to £38.5bn from £41.3bn in the previous year.

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Net organic inflows in Investment Management in the fourth quarter of 2018 were £574m, versus £254m in the corresponding quarter of 2017. This represented an elevated annualised rate of net organic growth, the firm said.

The Unit Trusts arm’s funds under management totalled £5.6bn at the end of December 2018. The figure marked a 6% rise from £5.3bn in the previous year.

“Whilst market conditions can reasonably be expected to be volatile in 2019, we will continue to invest selectively for the longer term in the skills and infrastructure necessary to improve our operational efficiency and deliver high-quality services to our clients,” the group said in a statement.