15th Oct 2020 10:38
(Alliance News) - Rathbone Brothers PLC on Thursday reported a rise in third quarter earnings and funds under management, shaking off "weaker financial markets".
Total funds under management and administration at September 30 was GBP50.49 billion, up 2.1% year-on-year from GBP49.45 billion. It also represents 0.2% growth from GBP50.40 billion at the end of 2019.
Net inflows during the quarter were GBP300.0 million, up from GBP100.0 million a year earlier.
"Funds under management and administration reached GBP50.5 billion at 30 September 2020, as growth and strong investment performance more than offset the adverse effect of weaker financial markets during the first nine months of the year," Chief Executive Paul Stockton said.
Net operating income inched up 0.8% year-on-year to GBP87.0 million from GBP86.3 million.
"Whilst the medium term impacts of the pandemic are likely to weigh on investor sentiment for some time, we continue to convert more client assets to our discretionary service, invest in technology, and attract high quality investment professionals to support our future growth," Stockton added.
Shares in the company were 1.1% lower at 1,497.60 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Rathbone