Rathbones reports income rise during first nine months

Rathbone Brothers has announced a 15.5 per cent year-on-year rise in net operating income for the first nine months of the year to £108.7m.

The private bank, which includes Rathbone Unit Trust Management, saw its total funds under management shrink to £15.1bn during the period to September 30, compared with £15.6bn at December 31 2010.

Rathbone Brothers chief executive Andy Pomfret says: “We expect markets to remain nervous for the remainder of 2011 as inflation expectations and European sovereign debt uncertainties continue to dominate the headlines.

“Despite this, our brand and commitment to client service continue to position us well to grow as a leading provider of high-quality personalised discretionary investment services.”

Rathbone Unit Trust Management witnessed net inflows of £62m in the first nine months of the year. However, lower markets during the third quarter reduced funds under management from £1.1bn at June 30 to £1bn at September 30.