Rathbones saw its funds under management reach £59.2bn in the first half of 2021 as the company hailed its “robust position” following "one of the strongest periods for net retail fund sales".
In its half-yearly trading update, published today (July 28), the investment firm said total funds under management and administration were £59.2bn as at June 30, 2021, up 8.2 per cent from £54.7bn in the previous half.
This was made up of £47.8bn in the investment management business and £11.4bn in the Rathbone funds business.
In its investment management business, £10.2bn of assets came from advisers - an increase of £1.7bn on the previous year.
Total net inflows in the investment management business were £500m, compared to £800m in the first six months of 2020.
Net inflows in the funds business were £1bn, up from £600m in the same period last year.
The firm stated: "The first half of 2021 proved to be one of the strongest periods for net retail fund sales for the UK's fund management industry.
"With a high-quality fund range and strong performance record, our funds business continued to grow exceptionally, with income increasing by 41.4 per cent to £28.7m reflecting strong net inflows and market outperformance."
The company is also looking to expand further into the wealth market, after it announced its acquisition of advice firm Saunderson House for £150m back in June.
Paul Stockton, chief executive of Rathbones, said: “Following a strong set of year to date financial results we enter the second half of 2021 in a robust position.
"The acquisition of Saunderson House, announced on 23 June 2021, accelerates our financial advice strategy, and presents an exciting opportunity to explore wider UK wealth segments.
“The deal continues to be on track to complete during the third quarter of 2021, adding £4.7bn of funds under management and administration."
Rathbones said being able to offer advice directly and work with external advisers was an “integral part” of its strategy.
Stockton has previously said there was a surplus cash “cushion” of £60m if the company wanted to do more deals.
The Saunderson House deal has cost Rathbones £402,000 so far in legal and advisory fees.
Last week (July 19), the firm launched a range of model portfolios which it plans to invest in the Rathbone Greenbank range.
amy.austin@ft.com
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