14th May 2014 11:04
LONDON (Alliance News) - Wealth and investment manager Rathbone Brothers PLC Wednesday said its total funds under management rose by GBP800.0 million over the course of the first-quarter, even though its acquisitions of Jupiter Asset Management Ltd's private client and charity investment management business and Deutsche Bank's London private client investment management business are not included in the figures.
Overall, funds under management rose to GBP22.8 billion, from GBP22.0 billion, over the three months ended March 31. This was driven by the investment management division's GBP663.0 million of inflows offsetting its GBP354.0 million in outflows. Its unit trust division reported GBP314.0 million of inflows offsetting GBP92.0 million of outflows.
Rathbone said that, assuming all of the funds managed by Jupiter Private Clients and Deutsche London transfer, funds under management would be increased to about GBP25.6 billion. The acquisitions were announced in April.
First-quarter net operating income grew to GBP54.7 million, from GBP44.0 million in the comparative quarter a year earlier, driven by growth in fees, commission and unit trusts.
"Our outlook remains optimistic with the impact of recent acquisitions expected to have a positive effect on earnings in 2015. We are continuing to invest in people and systems whilst managing costs carefully and expect future growth opportunities to arise in the sector," Chairman Mark Nicholls will tell shareholders at Rathbone Brothers' annual general meeting, Wednesday.
"The recent acquisitions of Jupiter Asset Management Limited's private client and charity investment management business and Deutsche Bank's London private client investment management business are progressing well," Nicholls said in a statement.
Rathbone Brothers shares were Wednesday quoted at 1,945.25 pence, up 0.4%.
By Samuel Agini; [email protected]; @samuelagini
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