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Rathbones profits jump 30 per cent

Rathbones Brothers has seen its profits jump 30 per cent for the first six months of 2011.

The firm has recorded profit before tax of £20.6m in the first half of 2011, up from the £15.8m recorded in the first of 2010.

The group says underlying profit before tax, which excludes the likes of the FSCS levy, saw profit before tax increase by 33.7 per cent from £18.1m to £24.2m.

Total funds under management rose 4.7 per cent in the first half of 2011, from £15.6bn at December 31, 2010 to £16.36bn at June 30, 2011.

Funds under management at Rathbones Investment Management stood at £1.088bn at June 30, 2011, up marginally from £1,043bn at the end of 2010. The £38m of inflows in the first half of the year is in contrast to £43m of redemptions in the first half of 2010.

Rathbones Brothers chief executive Andy Pomfret says: “ “The first half of 2011 has been positive for Rathbones as investment markets have remained resilient and we have seen the full benefit of recent acquisitions and continuing net organic growth. Organic and acquired growth in our investment management business was an annualised 8.4 per cent in the six months to June 30, 2011.”

“Uncertainties surrounding financial markets are continuing, in particular the increased potential for future adverse events impacting the European banking sector. Notwithstanding this uncertainty, we look to the future with confidence as Rathbones remains well positioned to take advantage of growth opportunities.”

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