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Rathbones Brothers reports Q1 rise in funds under management
StockMarketWire.com
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Rathbone Brothers' total funds under management and administration were up 2% in the first quarter of 2021 at £55.8 billion on the back of good organic growth.
Total net inflows across investment management and Rathbone Funds were £0.7 billion in the first quarter, representing an annualised net growth rate of 5.1%.
Despite an uncertain backdrop, gross organic inflows in investment management totalled £1.2 billion in the first quarter, up from £1 billion for the same period in 2020, with net inflows of £0.2 billion.
Rathbone Funds recorded over £1.1 billion of gross inflows in the period, with net inflows of £0.5 billion. This represents an annualised net organic growth rate of 21.4%.
Underlying net operating income totalled £107.3 million for the three months ended 31 March 2021, an increase of 26.8% from the £84.6 million in the corresponding period last year.
Investment management fees were up 40.4% compared to the prior year due to increased funds under management, improved markets on the Q1 billing date and the impact of more fee-based income from the Speirs & Jeffrey acquisition.
The final dividend for 31 December 2020 of 47p per share will be paid on 11 May 2021.
Story provided by StockMarketWire.com
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