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.”

Recommended

1

Opinion: M&G Recovery fund – ripe for recovery?

To say that M&G Recovery fund has a long term record is something of an understatement. Launched in 1969 it has an esteemed longer-term history of outperforming the market and was the first investment of its kind. A fund that looked beyond the glamour and excitement of the largest, most successful companies, instead looking for […]

Delivering advice and guidance in the workplace

Three advisers share their ideas and experiences of helping employees with their financial decisions The workplace is instrumental in engaging people to save for retirement. How are advisers helping employers provide advice or guidance to their employees? Telephone guidance Financial education provider and advice firm Wealth at Work recently launched a telephone guidance service to […]

Pensions-savings-retirement-piggy bank

Aviva scores another bulk annuity deal in new growth strategy

Aviva has secured the latest deal in its bit to write more bulk annuity business. A decade after two financial support directions were imposed, the Sea Containers 1983 Pension Scheme has been insured by Aviva in a bulk annuity deal. Aviva’s £187m buy-out will allow trustees to secure benefits in access of Pension Protection Fund […]

Sanlam acquires £60m Yorkshire advice firm

Sanlam has acquired advice firm Grennan Advisers, which has £60m in assets under management. East Yorkshire-based Grennan was launched five years ago by Stuart Grennan and Helen Chapman and specialises in providing financial advice services to high net worth clients and business executives. Sanlam chief executive John White says: “Grennan Advisers is a high-quality business […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment