(Alliance News) - Rathbones Group PLC said Thursday its first-quarter performance was "resilient" in the face of a market hit by inflation.
The London-based investment manager said net operating income in the first quarter rose 12% to GBP120.5 million from GBP107.3 million the year prior. It was also 4% higher than the previous three months.
Growth in fees and advisory fees & other income more than offset a 17% year-on-year drop in commissions, which was due to lower trading volumes.
"Discretionary and managed net inflows were resilient in a market impacted by inflation fears and a general repositioning towards value," said Chief Executive Officer Paul Stockton.
Total funds under management and administration dropped to GBP64.7 billion at the end of the first quarter, from GBP68.2 billion at the end of December.
Looking ahead, Stockton added: "Rathbones remains focused on delivering the strategic plans we set out at our full-year results, with digital investment and the integration of Saunderson House both progressing well. There remain significant opportunities in our sector and with a strong balance sheet and clear direction, Rathbones is well-placed to take advantage of future opportunities."
Shares in Rathbones were unchanged at 2,090.00 pence each in London at midday on Thursday.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Rathbone (RAT)