(Alliance News) - Rathbones Group PLC on Wednesday said its funds in 2022 were negatively impacted by market movements.
The London-based investment manager said funds under management & administration as of December 31 decreased GBP60.2 billion, down 12% from GBP68.2 billion a year prior.
The company said the annual decline in FuMA was due to negative market movement, but offset by inflows. Notably, FuMA in the Investment Management business as at December 31 fell by 10% to GBP45.1 billion from GBP50.3 billion a year ago.
During 2022, net inflows fell by 28% to GBP1.3 billion from GBP1.8 billion. Net inflows in the fourth quarter were GBP347 million, up 3.1% on an annualised growth rate.
Looking ahead, the company said: "Whilst economic uncertainties are expected to prevail into 2023, we will remain focused on client engagement and delivery on our strategic priorities. Benefits from ongoing investment in our digital capability and wider financial planning propositions will further enable organic growth. Our strong balance sheet and clear direction means we remain well-placed to consider inorganic growth opportunities."
The company will release its 2022 results on March 1.
Rathbones shares were 0.2% lower at 2,090.00 pence each in London on Wednesday afternoon.
By Tom Budszus, Alliance News reporter
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Rathbone (RAT)
