Rathbone Brothers has announced its income for Q1, with funds under management and administration (FUMA) totalled £47.5bn at the end of the first quarter.

This is a surge of 26% from FUMA of £37.7bn a year ago.

At the end of December 2018, the firm’s FUMA was €44.1bn.

Underlying net operating income was £85.3m for the three-month period ended 31 March 2019, a 13% rise compared to £75.4m in the same quarter of 2018.

In the Investment Management division, the net operating income of £76.8m in the first quarter was 15% more than last year’s figure of £66.6m.

FUMA at this division was £41.4bn as of 5 April 2019, a 28% jump from £32.4bn a year ago.

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Net operating income in Unit Trusts dipped to £8.5m in the March 2019 quarter from £8.8m a year earlier.

The unit’s FUM was £6.1bn at the end of March 2019, up 14% from £5.3bn in the previous year.

Rathbones CEO Philip Howell said: “In spite of ongoing political and economic uncertainties, our operating income in the first quarter increased 13.1% to £85.3 million (Q1 2018: £75.4 million) reflecting the impact of recent acquisitions and a 10.7% increase in the FTSE 100 Index since 31 December 2018.

“The integration of Speirs & Jeffrey is proceeding well as we continue to focus on the successful transfer of clients to the Rathbones platform.

“Accordingly, we expect the operational performance targets in respect of the initial contingent consideration to be met very shortly and ahead of our original schedule.”

Rathbones closed the purchase of Speirs & Jeffrey last August.