12th Jan 2021 09:50
(Alliance News) - Rathbone Brothers PLC on Tuesday reported a rise in funds under management and administration, benefiting from "strong market movements" in the final quarter of 2020.
In addition, the wealth manager named a new chair, with former Phoenix Group Holdings PLC chief executive officer Clive Bannister replacing the departing Mark Nicholls.
Rathbone said total funds under management and administration at December 31 was GBP54.7 billion, up 8.6% from GBP50.4 billion at the same time in 2019.
Rathbone said this reflected not only "strong market movements" in the last quarter, but also continuing net inflows and strong investment performance.
In 2020, total net inflows were GBP2.1 billion, more than double the GBP600 million in 2019.
"Although we continue to expect market volatility during 2021 as well as continuing low interest rates, we remain focused on enhancing our services to clients and delivering growth. We will continue to balance this investment with prevailing market conditions, maintaining strict cost discipline and identifying inorganic opportunities that are a strong cultural fit," the company said.
Back in February of last year, Rathbone said Nicholls, its current chair, will not seek re-election at the FTSE 250 firm's 2021 annual general meeting on May 6.
Bannister joins the company's board as a non-executive director immediately, before succeeding Nicholls at the conclusion of May's meeting.
Aside from Bannister's nine-year stint at Phoenix, which ended in March of last year, he also has experience as CEO of HSBC Holdings PLC's private banking arm, Rathbone added.
Rathbone shares were 1.8% higher at 1,628.00 pence each in London on Tuesday morning.
By Eric Cunha; [email protected]
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