Wealth Manager - the site for professional investment managers

Register to get unlimited access to all of Citywire’s Fund Manager database. Registration is free and only takes a minute.

Rathbones' Pomfret handed £700k award ahead of retirement

Rathbones' Pomfret handed £700k award ahead of retirement

Rathbones' outgoing chief executive has been given £0.7 million worth of deferred awards ahead of his retirement.

Pomfret (pictured), who described his 15 years at the investment manager as ‘fascinating’, will be replaced by Phillip Howell on 1 March. As the chief delivered a 15% profit growth in his final year in charge, Rathbones noted £0.7 million of accelerated accounting charges for deferred awards for Pomfret in its 2013 results ahead of his retirement.

Profit in Rathbones' investment 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.

Total funds under management in the wealth management business rose 22.2% to £22 billion in 2013, 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, while share price performance has also proved strong with a 24.3% rise over the past 12 months and a 148.3% rise over five years.

Pomfret noted: ‘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.’

‘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.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play JPM’s Negyal: Back divis to temper EM volatility

JPM’s Negyal: Back divis to temper EM volatility

Omar Negyal, co-manager of the JPMorgan Global Emerging Markets Income trust, says a dividend approach to emerging markets reduces the volatility of investing in the asset class.

Play WMR: Why Russia will lose this war

WMR: Why Russia will lose this war

Author and journalist Adam Lebor believes a perfect storm is brewing when it comes to the Russian economy. .

Play WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

WMR: Gerard Lyons warns Asia is the real risk, not Russia & Ukraine

Chief economic adviser to London mayor Boris Johnson outlines the geo-political risks in Asia and explains why the risk of another eurozone crisis must not be underestimated.

Your Business: Cover Star Club

Profile: 'new normal' now is as dangerous as when it was applied to tech

Profile: 'new normal' now is as dangerous as when it was applied to tech

7IM's CIO Chris Darbyshire says he has been re-energised by his new role, but has little time for 'new normal' doom-mongers

Wealth Manager on Twitter