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Rathbones' ethical and fund units lead on asset gathering

Rathbones' ethical and fund units lead on asset gathering

Rathbones' ethical and unit trust divisions led the company’s asset gathering in the third quarter as both passed ‘strategic milestones well ahead of plan’.

Total funds under management within the business rose 2.5% to £37.5 billion in the period. Rathbones Unit Trust Management was the stand-out performer, with assets climbing 8.7% to just above £5 billion for the first time, while ethical division Rathbone Greenbank cleared £1 billion in funds.

‘We continue to progress our strategic initiatives and invest in our core infrastructure to support client service and meet the demands of forthcoming regulation,’ said chief executive Philip Howell (pictured) .

'We are well positioned for the future and will continue to pursue growth opportunities both organically and through acquisition, approaching each with discipline.'

Discretionary funds under management rose 3.5% or £300 million over the three months, down from 5% in the same period of last year. Underlying net operating income climbed 7% over the period to £70.5 million.

Rathbones revealed and then abandoned an abortive attempt to merge with rival Smith & Williamson over the period.

In H1 numbers reported in July Rathbones said profit before tax rose 22.7% in the period from £35.3 million to £43.3 million, while its margin rose from 29.4% to 30.4%.

On an adjusted basis profit rose 16.7% from £22.8 million to £26.6 million, reflecting almost £16 million in costs related to it recent move to a new HQ in the City’s Finsbury Square.

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