|
Rathbones Group PLC said Thursday its first-quarter performance was ‘resilient’ in the face of a market hit by inflation.
The London-based investment manager said net operating income in the first quarter rose 12% to £120.5 million from £107.3 million the year prior. It was also 4% higher than the previous three months.
Growth in fees and advisory fees & other income more than offset a 17% year-on-year drop in commissions, which was due to lower trading volumes.
‘Discretionary and managed net inflows were resilient in a market impacted by inflation fears and a general repositioning towards value,’ said Chief Executive Officer Paul Stockton.
Total funds under management and administration dropped to £64.7 billion at the end of the first quarter, from £68.2 billion at the end of December.
Looking ahead, Stockton added: ‘Rathbones remains focused on delivering the strategic plans we set out at our full-year results, with digital investment and the integration of Saunderson House both progressing well. There remain significant opportunities in our sector and with a strong balance sheet and clear direction, Rathbones is well-placed to take advantage of future opportunities.’
Shares in Rathbones were unchanged at 2,090.00 pence each in London at midday on Thursday.
Copyright 2022 Alliance News Limited. All Rights Reserved.
|
