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Rathbones grows assets despite pandemic impact
StockMarketWire.com
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Rathbone Brothers recorded net operating income of £87 million in the third quarter of 2020, up by 0.8% compared to Q3 2019.
In its third quarter interim statement, the wealth management company said its total assets under management and administration grew by 0.2% during the first nine months of 2020 to reach £50.5 billion, despite the turmoil in financial markets caused by the COVID-19 pandemic.
Its unit trust business grew its assets by 17.6%, from £7.4 billion to £8.7 billion, between January and September.
Chief executive Paul Stockton said: 'While the medium term impacts of the pandemic are likely to weigh on investor sentiment for some time, we continue to convert more client assets to our discretionary service, invest in technology, and attract high quality investment professionals to support our future growth.
'Our balance sheet remains robust, placing us in a strong position to support the ongoing safety and well-being of our colleagues and communities, identify inorganic opportunities that fit our culture, and deliver long term value to our clients and shareholders in a structurally growing UK wealth management market.'
Story provided by StockMarketWire.com
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