Commenting on the matter, Rathbones has said that its advice will be classified as restricted after the RDR comes into place.
Further, it is stated that the firm is set to 1,300 clients from its discretionary fund management (DFM) service in November 2012, after Close Brothers Asset Management terminated a contract with the firm.
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It was on 30 June 2012 that Rathbones had said it had managed GBP318 million for Cavanagh Asset Management, which was acquired by Close Brothers Asset Management in April 2012.
Meanwhile, Close has since given the firm notice of their intent to terminate the agreement to provide DFM service for Cavanagh.
As of 31 December 2012, Rathbones has reported a 5% increase in total AUM in spite of the profit dip, bringing total funds under management at 30 June 2012 to GBP16.65 billion, up from GBP15.85 billion.
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