British wealth management firm Rathbone Brothers has reported a profit before tax of £23.2 million (US$35.05 million) for the six months ended 30 June 2013, an increase of 17.2% compared to £19.8 million (US$29.9 million) for the same period of 2012.
At 30 June 2013, the firm’s total funds under management were £19.9 billion, a 10.6% increase from £18 billion at 31 December 2012. This compared to an increase of 5.4% in the FTSE 100 Index and an increase of 5.5% in the FTSE APCIMS Balanced Index over the same period.
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For the first six months of 2013, Rathbone’s net interest income was decreased by 17.6% to £4.2 million, compared to £5.1 million in 2012 as lower returns on treasury assets offset growth in the client loan book from £65.1 million at 31 December 2012 to £73.6 million at 30 June 2013.
Andy Pomfret, CEO of Rathbone, said: "Rathbones’ outlook remains positive. Our continued focus on client service and controlled investment in people and systems ensures that Rathbones is well placed to take advantage of healthier investment markets and future growth opportunities."
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