By Elena Vardon Rathbones Group said its net operating income rose over the third quarter and that it is confident it will meet its operating margin guidance.
Rathbones Group PLC on Thursday looked to the future with confidence after recently sealing a tie-up with Investec Wealth & Investment UK.
The London-based investment and wealth management firm said.
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Rathbone reports first-quarter asset growth and inflows
Thu, 6th May 2021 11:23
(Alliance News) - Rathbone Brothers PLC on Thursday reported good organic growth in a first-quarter trading update.
Total funds under management and administration rose 2.0% to GBP55.8 billion on March 31 from GBP54.7 billion on December 31 and jumped 31% from GBP42.65 billion a year before. Net inflows totalled GBP693 million in the first quarter, up from GBP652 million a year before. Underlying net operating income jumped 27% year-on-year to GBP107.3 million from GBP84.6 million.
Shares were up 3.5% to 1,760.00 pence in London in late morning trade.
The FTSE 250-listed wealth manager said its funds business grew strongly, while its investment management division saw improved net organic inflows. That combined with positive market movements to create strong income growth.