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Rathbone Brothers funds grow as Rathbone Funds hits record flows

Thu, 14th Oct 2021 09:21

(Alliance News) - Rathbone Brothers PLC said Thursday its third quarter was "strong" with its funds topping GBP60 billion on the back of record inflows for its Rathbone Funds business.

Shares in the investment and wealth manager were 2.1% higher in London on Thursday morning at 1,950.00 pence each.

Rathbone ended September 30 with total funds under management & administration of GBP60.90 billion, rising 21% from GBP50.49 billion at the same point the year before.

Rathbone's Investment Management unit closed the quarter with GBP48.76 billion in FuMA, growing from GBP41.76 billion a year earlier on the back of GBP1.12 billion in inflows, boosted by GBP1.08 billion in organic new business. Net inflows were GBP365 million. The unit was also boosted by GBP596 million of positive investment performance.

In Rathbone Funds, FuMA increased to GBP12.14 billion from GBP8.73 billion after recording GBP1.05 billion in inflows, offset by GBP487 million in outflows. Investment performance added GBP194 million to funds.

Chief Executive Paul Stockton said: "Following a strong third quarter of growth, our total funds under management and administration reached GBP60.9 billion at September 30. Positive net organic inflows in Investment Management and record net inflows into Rathbone Funds reflect our continuing momentum and delivery against the strategic priorities we have set out for growth.

"We continue to transform our digital capability and client experience and welcome the addition of Saunderson House's capability in the fourth quarter. With a clear direction and strong balance sheet, we are confident that our current plans place us in a strong position to take advantage of future growth opportunities across the Rathbones Group."

Net operating income in the third quarter rose 22% to GBP106.4 million from GBP87.0 million, with Rathbone Funds income growing 46% and Investment Management fees up 28%.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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