Rathbone Share News (RAT)

(Alliance News) - Rathbones Group PLC on Wednesday said it beat its benchmark in the third quarter despite challenging investment markets as funds under management decreased.

The London-based investment manager reported total funds under management & administration fell 1.7% to GBP57.9 billion at September 30 from GBP58.9 billion at June 30. This compares to its benchmark MSCI PIMFA Private Investor Balanced Index, which contracted by 3.5%.

The Investment Management business FuMA decreased 1.6% to GBP43.1 billion from GBP43.8 billion. In the Rathbone Funds business, FuMA decreased 2.8% to GBP10.6 billion from GBP10.9 billion, while at Saunderson House, it remained flat at GBP4.2 billion.

Looking ahead, Chief Executive Officer Paul Stockton said: "We continue to place a high priority on engaging meaningfully with our clients, both face-to-face and digitally, and are on track to deliver the first phase of our planned InvestCloud and Charles River implementations by the end of 2022. Rathbones is well-positioned to take advantage of the future growth opportunities that can arise both during and after periods of investment market volatility."

Rathbones shares were 0.5% lower at 1,784.00 pence each in London on Wednesday morning.

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.