16th Jan 2025 12:19
(Alliance News) - Rathbones Group PLC on Thursday said the integration of Investec Wealth & Investment was performing well as it announced an increase in funds under management.
The London-based investment and wealth management company said funds under management and administration rose 3.6% to GBP109.16 billion as of December 31, from GBP105.34 billion a year prior.
The company noted that the integration of Investec Wealth & Investment continued to perform well.
"The client consent process is well-progressed with very encouraging responses, and we continue to anticipate completing the client migration onto a single operating platform during the first half of 2025. We remain confident in the delivery of our synergy targets, including our 2025 target of at least 70% of total synergies being achieved this year on a cumulative run-rate basis," Rathbones said.
It added: "Our combined business offers the strength and resilience to manage through challenging market conditions, providing a personalised service that ensures clients benefit from disciplined, long-term investment strategies and advice tailored to their specific financial goals."
In September last year, Rathbones Group PLC completed an all-share combination with Investec Wealth & Investment Ltd, which had been a UK division of Investec. Investec Wealth & Investment UK is now reported as part of Rathbones. Investec owns around 41% of Rathbones.
Rathbones will release 2024 results on February 26.
Rathbones shares fell 2.0% to 1,644.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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