22nd Oct 2015 07:03
LONDON (Alliance News) - Investment manager Rathbone Brothers PLC on Thursday reported a 13% increase in third-quarter net operating income, despite a tough time in financial markets.
"Although our outlook remains cautious in light of recent markets, our agreement in early October to purchase the remaining 80% of the Vision group is an example of the investment we continue to make to take advantage of future growth opportunities," Chief Executive Philip Howell said in a statement.
Net operating income was GBP55.6 million in the three months ended September 30, compared with GBP49.0 million in the third quarter the prior year.
Funds under management, a key driver of earnings, fell to GBP27.6 billion at the end of September from GBP28.3 billion at the end of June.
Fees received increased to GBP36.4 million in the quarter from GBP30.5 million in the corresponding quarter the prior year, while net interest income was up to GBP2.7 million from GBP2.3 million, and commissions were down to GBP8.6 million from GBP9.4 million.
By Samuel Agini; [email protected]; @samuelagini
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