British wealth manager Rathbone Brothers' total funds under management (FuM) stood at £30.6bn for the first half of 2016, up 4.8% compared to £29.2bn at 31 December 2015.
For the half-year ended 30 June 2016, the company's pre-tax profit was £22.8m, a slump of 28.3% from £31.8m a year ago.
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The company said that the decrease in profit reflected the impact of previously announced non-underlying costs in relation to the acquisition of the Vision businesses, and costs incurred to date in respect of our planned London office move to 8 Finsbury Circus.
Underlying operating income in Investment Management stood at £108.8m, a rise of 1.9% from £106.8m in the prior year, primarily driven by growth in funds under management.
Net interest income rose 3.6% to £5.7m from £5.5m in the prior corresponding period.
Rathbones chairman Mark Nicholls said: "Whilst turbulent market conditions and planned expenditure have impacted profitability, we continue to pursue our growth plans. In an eventful first half, our investment teams have worked hard to ensure that client communications are timely and insightful.
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By GlobalData"Although our outlook is cautious, Rathbones will remain alert to acquisition opportunities that fit with our culture and philosophy."
