Results for the third quarter of 2014 showed Rathbones’ funds under management grew 10 per cent from £23.9bn to £26.3bn.
Total funds under management were £26.3bn at 30 September 2014; up 10 per cent from £23.9bn at 30 June 2014, compared with a decrease of 1.8 per cent in the FTSE 100 index during the same period.
Net operating income was £49m for the three months ended 30 September, up 13.4 per cent from £43.2m in 2013.
The results include on 26 September Rathbones completed the acquisition of Jupiter Asset Management Limited’s private client and charity investment management business for £40m.
The acquisition added £1.9bn of Fum in the third quarter of 2014.
Total net inflows in Rathbone Investment Management for the three months ended 30 September 2014 were £2.4bn, including total acquired new business of £2.12bn.
FUM in Rathbone Unit Trust Management at 30 September 2014 was £2.3bn, up 4.5 per cent from £2.2bn at 30 June 2014.
Net inflows were £100m, compared with £91m a year ago.
Results for the third quarter included an “exceptional cost” of £15m relating to the settlement of legal proceedings in Jersey involving a former director and employee of a former subsidiary.
The legal battle arose from a claim made in 2012 over the management of the offshore trust which Rathbones had sold in 2008.
Philip Howell, chief executive, said: “Our outlook remains positive as we respond to the ongoing changes in the industry and continue to invest to ensure that we have the infrastructure and resources to support our growth objectives.”
emma.hughes@ft.com
