4th May 2005 12:48
Rathbone Brothers PLC04 May 2005 RATHBONE BROTHERS PLC 4 May 2005 ANNUAL GENERAL MEETING STATEMENT At the Annual General Meeting of the Company held earlier today, all theresolutions proposed (and which were contained in the notice of meeting dated1st March 2005) were passed. Copies of resolutions (other than those concerningordinary business) have been submitted to the UK Listing Authority forpublication through its Document Viewing Facility. Mark Powell, chairman of Rathbone Brothers Plc, commented on trading for thefirst quarter of 2005: "The first quarter of our 2005 financial year has been a busy and encouragingone throughout Rathbones. "Some New Year evidence of a growth in confidence in equity markets hasundoubtedly contributed to an upturn in the level of new enquiries for oursegregated investment management service. Our unit trusts have continued toattract excellent net inflows of new funds, reflecting their outstandingperformance records and some marketing initiatives. Between the end of 2004 and5th April this year, total funds under management grew by 3.9% to £8.0 billion,compared with a 2.7% rise in the FTSE 100 and a 1.4% rise in the APCIMS BalancedIndex over the same period. "During the early months of 2005 we worked hard to obtain from its Board therecommendation for an offer for Rensburg Plc, a highly regarded private clientinvestment management firm. Despite some very positive meetings with themanagement of Rensburg, it was not possible to obtain their recommendation andin April we announced that we would not proceed with our offer. "This approach is consistent with our long held strategy of seeking to growRathbones organically, by recruitment and by selective acquisitions, where suchacquisitions are likely to prove earnings-enhancing within a reasonabletimeframe. That remains our strategy and we will judge any potentialacquisitions in the future against this criterion. "The importance of the role of independent financial advisers and fund-of-fundmanagers in the growth of our funds under management has clearly increasedduring recent years. In the second half of 2005 we plan to roll out a strongerand co-ordinated marketing campaign aimed at this audience, stressing our corediscretionary portfolio management service, our expertise in SIPPs and our unittrusts. "We continue to attract new clients to the range of trust and tax servicesoffered by our trust division. The Jersey Trust Company, the largest part ofthis business, continues to do well and we are delighted that contracts have nowbeen signed for the lease of a new purpose-built head office for that company inJersey. Progress is being made with the continuing reorganisation of our Genevaoffice. "With all parts of Rathbones performing well, your Board looks forward with someconfidence, subject as always to an unexpected setback in the level of worldmarkets and economic activity. "We continue to believe that being a large and growing independent firm, with astrong track record of performance and client retention and an increasingprofile, makes us a popular destination for both clients and industryprofessionals. Our aim is to build on these strengths." - ENDS - For further information, please contact: Rathbone Brothers Plc Tel: 020 7399 0000Mark Powell, ChairmanAndy Pomfret, Chief ExecutiveEmily Morris, Marketing Director About Rathbones Rathbone Brothers Plc specialises in providing, through its subsidiaries,personalised investment management services and wealth management services forprivate clients and trustees, including discretionary asset management, taxplanning, trust and company management, and banking services. It manages £8.0billion of funds, including over £900 million managed by Rathbone Unit TrustManagement. All figures as at 5th April 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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