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Rathbones’ Q1 outflows hit £414m

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Rathbones’ total funds under management rose 6.3 per cent to £28.9bn at the end of the first quarter, but outflows at the unit were up 17 per cent.

Total funds grew from £27.2bn in December 2014, rising 26.8 per cent year-on-year, according to the firm’s results for the first three months of 2015.

However, outflows at the division rose to £414m compared to £354m in the first quarter of 2014.

Total net growth of funds under management in Rathbones Investment Management was also up 6.5 per cent to £398m year on year, after the firm saw net new inflows of £177m and net organic growth of £221m in the first quarter of the year.

Underlying net operating income in the unit increased by 18.1 per cent to £54.7m year-on-year in the first quarter of the year.

At the annual general meeting later today Rathbones chairman Mark Nicholls will say: “We continue to make good progress on the strategic initiatives we outlined last year, and remain positive in our outlook as we continue to invest and consider future growth opportunities in our sector.”

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