17th Oct 2013 07:37
LONDON (Alliance News) - Rathbone Brothers PLC Thursday said its total funds under management saw a faster rise in the nine months to September 30 than in the corresponding period in 2012.
Rathbone, which provides personalised investment and wealth management services for private clients, charities and trustees, said its funds under management were GBP20.8 billion on September 30, an increase of 16% from GBP18.0 billion on December 31.
The rate of increase was higher than that of the corresponding period in 2012, which saw an increase of 9.5% to GBP17.35 billion.
Rathbone also said its net fund inflows more than tripled to GBP449 million in the three months ended September 30, a significant increase on last year's GBP134 million.
Rathbone's net operating income in the third quarter was GBP43.2 million, compared with GBP38.3 million for the corresponding quarter in 2012.
The main driver of Rathbone's increased net operating income was a 17% increase in the fees it pulled in on the investment management side of the business. The total fees taken in totalled GBP26.6 million, which offset a 19% decline in net interest income to GBP2.1 million.
Rathbone's Unit Trust Management contributed GBP1.62 billion of the total funds under management, up from GBP1.23 billion at the end of the third quarter last year.
Rathbone shares were Thursday quoted at 1,541.0 pence, up 4.0 pence, or 0.3%.
By Samuel Agini; [email protected]; @samuelagini
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