British wealth manager Rathbone Brothers has posted profit before tax of £45.7m for the year ended 31 December 2014, an increase of 3.4%, compared to £44.2m a year ago.
The group’s total funds under management (FuM) grown by 23.6% in the year to December 31, to a total of £27.2bn.
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The group’s funds business, Rathbone Unit Trust Management, saw funds under management increase 38.9% to £2.5bn as at 31 December 2014, compared with £1.8bn at end of December 2013. The unit also posted gross sales of £1bn in 2014.
Additionally, underlying operating income in Rathbone Investment Management was £185.3m, an increase of 12.1% from £165.3m a year earlier.
Rathbone Investment Management’s total net annual growth rate of funds under management surged 19% compared from a year ago, which comprises £3.2bn of acquired inflows including £2.6bn for Jupiter Asset Management and DeAWMS transactions, and £0.8bn of net organic growth.
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By GlobalDataThe company said that underlying operating expenses grew 10.6% to £139.3m during the period driven by inflation, growth of the business and higher performance-based staff costs.
Net interest income at Rathbone Investment Management was £9.2m, up 7% from £8.6m in 2013, driven by higher cash balances in the year.
Rathbone Brothers chairman Mark Nicholls said: "I look forward to seeing the full benefit of our 2014 acquisitions in 2015, and working with our board in the coming years to develop and grow the business. We warmly welcomed more than 5,000 new clients during the year."
