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It was ‘fascinating’: Rathbones chief signs off with 15% profit jump
by Dylan Lobo on Feb 20, 2014 at 07:53
Rathbone Brothers’ chief executive Andy Pomfret delivered a 15% profit growth in his final year in charge.
Pomfret (pictured), who described his 15 years at the investment manager as ‘fascinating’, will be replaced by Phillip Howell on 1 March.
Performance in 2013 showed profit in Rathbones' wealth management business rose from £38.5 million in 2012 to £44.2 million last year, with net operating income 12.7% higher at £165.3 million.
The firm attracted some 1,500 clients over the year which came through three channels; direct, financial intermediaries and new investment managers joining the team.
Meanwhile, the firm’s unit trust business saw positive net monthly inflows sales throughout 2013, helping the arm increase profit from £0.6 million to £1.4 million over the year.
Total funds under management in the wealth management business rose 22.2% to £22 billion, while the funds business saw assets swell from £1.3 billion to £1.8 billion.
The numbers prompted Rathbones to raise its dividend by 4.3% to total of 49p, an increase of 4.3% on the previous year.
Pomfret's time in charge has seen major growth in the business.
‘I joined the group in 1999 as the finance director, taking over as chief executive at the end of 2004. This has been a fascinating and challenging period, characterised by unstable markets. Over this period the business has grown from £5 billion of funds under management to over £22 billion,’ Pomfret told the market.
‘This achievement is entirely down to the people who work for Rathbones, and I will miss them all as I move to a plural career. Philip Howell will take on the role of chief executive a year after he joined as my deputy. Having spent the last year working with Philip I believe he is the ideal person to lead Rathbones in the future. ‘
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