24th Feb 2016 07:45
LONDON (Alliance News) - Rathbone Brothers PLC on Wednesday said pretax profit pushed higher in 2015 as the wealth manager continued to grow assets under management despite difficult equity market conditions.
The FTSE 250-listed group said pretax profit for the year hit GBP58.6 million, up 28% on the GBP45.7 million it posted in 2014. Net fee and commission income for the year rose to GBP214.6 million from GBP187.5 million.
Rathbone said total funds under management at year-end rose 7.4% to GBP29.2 billion from GBP27.2 billion a year earlier, with a portion of this driven by acquisitions of assets from Jupiter Fund Management and Deutsche Asset & Wealth Management and the rest from organic growth.
The group said it will pay a final dividend of 34.0 pence, up from 33.0p, taking its total dividend up to 55.0p from 52.0p, a 5.8% increase.
Mark Nicholls, Rathbrone's chairman, said the group performed well despite the subdued investment markets seen in the year. "We look forward to completing our recently announced London office move in early 2017, and notwithstanding an uncertain market outlook, have decided to continue progressing our strategic initiatives," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
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