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1,640.00 20.00 (1.23%)

Bid:

1,626.00

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1,640.00

Spread: 14.00 (0.861%)

Market Cap: £1.70b

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Rathbones funds up, revenue down

Tue, 20th Oct 2009 07:56

Lower interest rates hitting investment revenues cut income at fund manager Rathbones in the three months to September.Overall, net operating income fell 6.5% to £29m in the quarter, though total funds under management were £12.17bn, up 16.3% from £10.5bn at the end of 2008. Interest income fell by 56% to £3.4m, offsetting growth in fees and commissions.Net organic growth of funds under management in Rathbone Investment Management was 7.2% for the three months (2008: 3.8%) and 6.4% for the nine months ended 30 September 2009 (2008: 6.6%).Rathbones has also agreed to buy parts of Lloyds Banking's legacy discretionary investment management assets and HBOS' discretionary investment management activities for £35.4m.