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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.'

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