24th Jul 2019 09:17
(Alliance News) - Rathbone Brothers PLC on Wednesday reported a rise in funds under management & administration in the first half, reaching a record high for the company.
At June 30, Rathbone's assets stood at GBP49.2 billion, 12% ahead of the GBP39.9 billion seen at the end of 2018.
In the six months to the end of June, the wealth manager noted the FTSE 100 and the MSCI WMA Private Investor Balanced Index increased 10.4% and 9.9%, respectively.
Rathbone upped its interim dividend by 4.2% to 25.0 pence from 24.0p.
"It has been a busy first half for Rathbones as we successfully migrated our largest acquisition to date, underwent a smooth leadership transition and posted the highest funds under management & administration in our history," said Chief Executive Paul Stockton.
Rathbone recorded GBP1.90 billion of inflows in the first half, with GBP1.73 billion coming from organic new business. The wealth manager saw GBP1.76 billion of outflows.
Market effects & investment performance added GBP3.89 billion to Rathbone's funds under management & administration.
Stockton added: "Investment markets look likely to remain volatile in the second half but we retain a cautiously optimistic outlook. The UK wealth industry continues to present positive opportunities for future growth which we will actively pursue."
Ratbone's first half pretax profit slipped 54% to GBP20.0 million from GBP43.7 million the year before. The wealth manager attributed the decline to the acquisition of Speirs & Jeffrey.
Shares in Rathbone were down 0.5% in London on Wednesday morning at 2,165.00 pence each.
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