Rathbones’ total assets surpass £20bn

Rathbone Brothers has seen its total assets climb past £20bn through modest growth in both its wealth management and unit trust businesses.

The wealth management arm, Rathbone Investment Management, saw a net growth in assets of £780m in the six months to the end of June 2013, but the rise was driven by £453m in acquisitions and underlying growth was only modest.

Rathbones Unit Trust Management had its eleventh consecutive quarter of inflows in the three months to June 30, reaching £1.4bn in total assets after a small inflow of £67m.

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The assets of the combined business hit £19.9bn at the end of June and the firm said it had since surpassed £20bn.

The wealth management division now has more than 40,000 clients and net fee income was up 14.5 per cent from the same period last year, reaching £54.5m, while trail commission dropped to £0.3m from £1.1m in the first half of 2012 due to the impact of the RDR.