British wealth manager Rathbone Brothers’ funds under management (FuM) stood at £28.3bn at the end of June 2015, up 4% compared to £27.2bn at 31 December 2014.
For the first half of 2015, the group’s underlying profit before tax increased 27% to £37.2m. Profit before tax was £31.8m, up 3.9% from £30.6m in year ago period.
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Rathbone Investment Management’s total net organic and acquired growth was £0.6bn in the first six months of 2015, representing a net annual growth rate of 5.1%, while net organic growth of £0.3bn for the first half represents an underlying annualised rate of net organic growth of 2.8%.
As of 30 June 2015, underlying operating income in Rathbone Investment Management was £106.8m, up 17.6% from £90.8m in 2014.
Net interest income of £5.5m in the first six months of 2015 increased 25% from £4.4m in 2014, largely due to an increase in average liquidity to £1.6bn for the six months to 30 June 2015 from £1.1bn in 2014.
The company’s underlying operating expenses grew 15.7% to £79.6m from £68.8m in the first half of 2014.
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By GlobalDataThe group’s funds business, Rathbone Unit Trust Management, saw funds under management increase 38.9% to £2.7bn as at 30 June 2015, compared with £2.5bn at 31 December 2014. The unit also posted net inflows of £107m in the first half of 2015 compared to £338m in 2014.
Underlying operating income in Rathbone Unit Trust Management stood at £10m, an increase of 37% from £7.3m in the first half of 2014.
Rathbone Brothers CEO Philip Howell said: "In the first half of 2015, we have been working steadily towards our strategic goals. In a period when markets made little progress, we continued to grow both organically and through acquisition, adding a combined total net funds under management of £0.7 billion in the first half."
