17th Oct 2018 11:00
LONDON (Alliance News) - Rathbone Brothers PLC said Wednesday its funds under management increased in the third quarter, putting the investment manager in a "strong" position.
In the three months ended September, the FTSE 250-listed investment manager increased its total funds under management 19% to GBP47.28 billion from GBP39.9 billion at the end of the previous quarter and up 26% from GBP37.52 billion in the same period the previous year.
"This increase in scale places us in a strong position to continue to improve our service to clients and, mindful of recent volatility in investment markets, to maintain our disciplined investment in the business," said Philip Howell, chief executive.
A portion of this increase is attributed to the company's GBP104 million purchase of Speirs & Jeffrey. Excluding this impact, Rathbone Brothers' fund under management increased 1.8% quarter-on-quarter.
Rathbone Brothers' underlying net operating income in the period increased 14% to GBP80.3 million from GBP70.5 million the year before.
The investment manager's net annualised growth in funds under management, for Investment Management, was 2.8%, down from 3.5% in the same period in 2017.
Total net inflows in the period was GBP7.05 billion, up from GBP619 million the year before. Rathbone Brothers' annualised rate of net inflows was 2.8% in the quarter, down from 3.5% the year before.
During the period, FTSE 100 index decreased 1.7% and the MSCI WMA Private Investor Balanced index increased 1.0%.
Shares in Rathbone Brothers were down 0.7% at 2,302.00 pence each.
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