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Rathbones sees assets rise 15.6% in 2013
by Dylan Lobo on Oct 17, 2013 at 07:59
Assets under management at Rathbone Brothers have jumped by 15.6% since the start of the year.
In a trading update the private client investment manager said total funds under management rose from £18 billion at the end of 2012 to £20.8 at the end of September. This increase outstrips the 9.6% rise by the FTSE 100 and 7.5% rise in the FTSE Apcims Balance Index over the same period.
The total annualised rate of net inflows at Rathbone Investment Management stood at 9.1% versus 5.5% in the previous year, with the figure including £554 million of acquired assets.
The underlying annualised rate of net organic growth in assets was 4.7% for the nine months versus 2.8% in 2012.
Meanwhile, net operating income stood at £123.3 million, an increase of 12.7%, while income over the third quarter was 11.6% higher year-on-year at £40.3 million.
Rathbone Unit Trust Management, the firm's fund management business, saw assets rise from £1.3 billion to £1.6 billion this year. The figures includes winning a mandate worth £59 million from Scottish Life in the third quarter.
Commenting on the numbers, chief executive Andy Pomfret (pictured) told the market: 'Investment conditions have been favourable in 2013 and this, together with improving levels of net organic growth in the third quarter, has helped increase total funds under management by over 15% since the beginning of the year.
'Our outlook remains positive as we continue to respond to the ongoing changes in the industry and develop as a leading UK provider of high-quality personalised discretionary investment management services.'
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