17th Jan 2024 10:45
Rathbones Group PLC - London-based investment and wealth management - Funds under management and administration rise 4.6% to GBP105.3 billion as of December 31 from GBP100.7 billion on September 30 and nearly double from GBP60.2 billion a year before, thanks to the addition of the UK wealth business of Investec PLC. Net flows in wealth management are about flat in the fourth quarter of 2023, as GBP400 million in net inflows at Rathbone Investment Management are offset by GBP300 million in net outflows at Investec Wealth & Investment.
Rathbones completed its merger with IW&I in September. The outflows at IW&I were due to investment manager departures that occurred prior to the announcement of the combination in April, Rathbones says. Since then investment manager turnover has been low, it says, and integration work remains on track.
Market and investment performance adds GBP4.9 billion to FuMA in the fourth quarter. Rathbones will release its full 2023 results on March 6.
Current stock price: 1,672.00 pence, down 3.9% in London on Wednesday
12-month change: down 20%
By Tom Waite, Alliance News editor
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