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Acquisition helps Rathbones boost inflows

The acquisition of fellow wealth manager Speirs and Jeffrey has helped Rathbones fight off market falls to post an increase in funds under management.

In results for 2018 posted today, Rathbones says total funds under management increased by 12.8 per cent, from £39.1bn to £44.1bn in the year, despite the FTSE falling 12.5 per cent over the period.

However, for its investment management business, it notes that inflows from the Speirs and Jeffrey acquisition were £6.7bn, compared with net organic growth of £1.1bn.

Rathbones says that though it has absorbed an 11 per cent underlying increase in operating expenses through the acquisition and adding additional capacity, but profits margins remained around 30 per cent.

Pre-tax profit increased 4.1 per cent from £58.9m to £61.3m.

Chief executive Philip Howell, who is retiring in May and will be succeeded by group finance director Paul Stockton, says: “The year was characterised by some additional demands placed upon the business. On the one hand, we needed to adapt to new regulatory regimes and navigate increasingly complex investment conditions. On the other, we continued to progress our five-year strategic initiatives and completed the most significant acquisition in our history. Our positive financial results despite this significant level of activity demonstrate the resilience of our business.”

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