6th May 2021 11:23
(Alliance News) - Rathbone Brothers PLC on Thursday reported "good organic growth" in a first-quarter trading update.
Total funds under management and administration rose 2.0% to GBP55.8 billion on March 31 from GBP54.7 billion on December 31 and jumped 31% from GBP42.65 billion a year before. Net inflows totalled GBP693 million in the first quarter, up from GBP652 million a year before. Underlying net operating income jumped 27% year-on-year to GBP107.3 million from GBP84.6 million.
Shares were up 3.5% to 1,760.00 pence in London in late morning trade.
The FTSE 250-listed wealth manager said its funds business grew strongly, while its investment management division saw improved net organic inflows. That combined with positive market movements to create strong income growth.
"As markets begin to look beyond the pandemic, we will pursue our plans to strengthen services to clients and advisers and take advantage of future growth opportunities," Chief Executive Paul Stockton said.
By Ivan Edwards; [email protected]
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