27th Nov 2018 09:19
LONDON (Alliance News) - Rathbone Brothers PLC said Tuesday that Finance Director Paul Stockton will succeed Philip Howell as chief executive officer, upon Howell's retirement by the wealth manager's annual general meeting on May 9 next year.
Stockton has been finance director of Rathbones for nearly a decade and was appointed managing director of Rathbone Investment Management in May. The company didn't say who will replace Stockton.
In October, Rathbone reported a rise in funds under management in the third quarter, placing the company in a strong position.
For the three months ended September, the FTSE 250-listed investment manager increased its total funds under management 19% to GBP47.28 billion from GBP39.9 billion at the end of the previous quarter and up 26% from GBP37.52 billion in the same period the previous year. Total net inflows in the period was GBP7.05 billion, up from GBP619 million the year before.
Rathbone Brothers' underlying net operating income in the period increased 14% to GBP80.3 million from GBP70.5 million the year before.
Rathbone shares were down 0.2% at 2,424.44 pence Tuesday morning.
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