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Rathbones' FSCS bill soars to seven figures
by Sarah Miloudi on Feb 20, 2013 at 07:50
This figure includes asset boosts from the acquisitions of investment managers RM Walkden & Co and AIB Jersey, and outflows due to the loss of mandates to run both the and investments for national advice firm Cavanagh Financial Management, now owned by Close Brothers Asset Management.
Pomfret said 2012 had presented ‘a demanding investment climate for both Rathbones and our clients’. Chairman Mark Nicholls added that the DFM was well-positioned to deal with the retail distribution review.
Investors saw the results as an opportunity to take profit from Rathbones. At 10.15am shares were 39p, or 2.7%, lower at £14.01, 71p below their 12-month high.
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