14th May 2015 07:52
LONDON (Alliance News) - Rathbone Brothers PLC is feeling positive after reporting an increase in funds under management over the course of the first quarter, Chairman Mark Nicholls said Thursday, adding that "reasonably favourable" investment markets contributed to the performance.
"We continue to make good progress on the strategic initiatives we outlined last year, and remain positive in our outlook as we continue to invest and consider future growth opportunities in our sector," Nicholls will tell shareholders at the investment manager's annual meeting on Thursday.
In a statement, Rathbone Brothers said overall funds under management increased to GBP28.9 billion from GBP27.2 billion during the first three months of 2015.
Net growth of funds under management in Rathbone Investment Management amounted to GBP398 million, as inflows more than offset outflows, and market movements and investment performance added GBP1.06 billion. There was a net inflow of GBP50 million at the company's unit trusts, which also benefited to the tune of GBP155 million from market movements and investment performance.
Net operating income amounted to GBP59.3 million in the three months ended March 31, compared with GBP55.7 million in the corresponding quarter of 2014, largely driven by higher fees, commissions and net interest income from investment management, as well as higher income from unit trusts operations.
Rathbone Brothers shares were down 1.3% at 2,200.00 pence on Thursday morning.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Rathbone