Rathbones' profits up 11% in first half of 2010
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Rathbones Brothers reported a pre-tax profit of £15.8m for the six months ended June 30, 2010, an 11.3 per cent increase on the £14.2m reported in 2009.
Total funds under management were £13.29bn at June 30, up 1.5 per cent from £13.10bn at December 31, 2009. This compares to a decrease of 9.2 per cent in the FTSE 100 Index and a decrease of 3.2 per cent in the FTSE/APCIMS balanced index over the same period.
Chief executive Andy Pomfret says: “The volatility in world markets which has been experienced in the first half seems likely to continue for the rest of this year. We consider that in this investment climate Rathbones is ideally placed to attract new clients seeking a sound investment process and discretionary investment management provided on a personal basis by qualified, named individuals. We have a strong balance sheet and are confident of Rathbones’ ability to deliver further growth.”
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