Wealth manager Rathbones has fallen just short of its £40bn funds under management target, as it reports a 64 per cent jump in pre-tax profit for the first half of the year.
Funds under management rose 2 per cent in the first half of the calendar year to £39.9bn, falling £100m short of its target £40bn assets under management by the end of 2018.
Rathbones posted pre-tax profits of £44m, up from £27m in the first half of last year while underlying profit before tax increased by 11.5 per cent to £48m.
The jump in profits comes five weeks after the £104bn buy-out of Scottish rival Speirs & Jeffrey.
Rathbones’ financial planning arm Vision Independent Financial Planning also saw positive revenue growth with a 5 per cent increase to £2.1m in the first half of the year.
Funds under advice on its discretionary investment management panel now total £1.5bn.
The firm has gained 40 advisers from 81 when it was fully acquired at the end of 2015.
Rathbones chief executive Philip Howell says: “The first half of 2018 has been a busy one for Rathbones as we progressed a full project agenda and announced the acquisition of Speirs & Jeffrey whilst maintaining our focus on day-to-day operations.
“We remain confident in the outlook for the business.”