RathboneOct 18 2017

Rathbones eyes acquisitions as funds tick up

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Rathbones eyes acquisitions as funds tick up

Rathbone Brothers has announced funds under management edged higher during the three months to September to reach £37.5bn.

This is up by 2.5 per cent from £36.6bn at the end of June this year.

Philip Howell, chief executive of Rathbone Brothers, said the company is "well positioned for the future will continue to pursue growth opportunities both organically and through acquisition".

He added that funds managed by Rathbone Investment Management reached £32.5 billion and within this, its ethical investment service, Greenbank, reached £1billion.

Funds under management in its unit trusts business reached £5bn towards the end of the quarter.

Mr Howell said that both Greenbank and the unit trust arm have reached these strategic milestones well ahead of plan. 

The results also showed that the company’s underlying net operating profit was £70m in the third quarter, up by  7 per cent from £65.9m in the third quarter of 2016. 

Total net growth of funds under management in investment management was £0.3 bn, representing a total net annualised growth rate of 3.5 per cent. This comprises net organic growth of £0.2bn, and acquired inflows of £0.1bn for the quarter.