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Acquisition helps Rathbones past £45bn AUM

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The acquisition of fellow wealth manager Speirs & Jeffrey has helped boost assets under management at Rathbones by £6bn, the firm’s latest results show.

Rathbones’ funds at the end of the third quarter stood at £47.3bn after bolting on £6.7bn from the merger.

Without the acquisition, Rathbones says it would have reported a 1.8 per cent increase in funds under management.

Over the quarter the FTSE 100 dipped 1.7 per cent, which has already led some fund managers to report outflows in recent results.

Net operating income came in at £80m for the three months ended 30 September 2018, up 14 per cent from £71m in the third quarter of 2017.

Rathbones chief executive Philip Howell says the firm is mindful of recent volatility in investment markets but the additional scale from its acquisition puts the firm in a strong position to continue to improve service to clients.

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