Rathbones profits up as assets near £40bn target

Rathbones has posted an 18 per cent increase in profits,  helped by strong markets and net inflows of new client money pushing total assets closer to its target of £40bn.

In its results published today, the wealth manager says assets under management during the period were £39.1bn, an increase of 14 percent from the previous year, bringing it within touching distance of its five-year target of £40bn.

Asset growth helped push pre-tax profits to £58.9m in the year to the end of December, up from £50.1m in 2016.

The investment management unit saw a growth of 4 per cent while unit trust assets increased to £5.3bn from £4bn for the period.

Rathbones group chairman Mark Nicholls says: “Accepting that investment markets have been favourable, we are now well within sight of that goal with many of our strategic initiatives continuing to gain momentum.

“Over the next few months, the board and executive team will work to refresh our strategy to ensure our core business remains robust and that we can benefit from the changing landscape of our industry.”



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