Rathbones remains on acquisition trail

Rathbones remains on acquisition trail

Rathbones announced a 14.9 per cent increase in total assets under management (AUM) and net profit today (22 February), while also confirming the business remains keen to make acquisitions.

Assets under management rose to £39.1bn, while net profit was 16.8 per cent higher at £87.5bn.

Both figures are for the year to 31 December 2017.

The increase in assets came from a £3.1bn increase in assets under management from the investment management business, and £1.7bn from the unit trust business.

The company said closing its defined benefit pension scheme during the year contributed positively to profits, even as costs were higher, including costs incurred from the aborted acquisition of Smith & Williamson last year.

At that time, it appeared as though an agreement had been reached for the acquisition of the business, before the deal collapsed.

Rathbones chairman Mark NIchols said the company remains keen to make "smaller" acquisitions as it works towards a target of having assets under management of £40bn by 2018.

The company said that target looks likely to be achieved, and the board are not working to refresh its strategy for the future.

The company said it has an operating margin of 30 per cent.