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Rathbones Group PLC on Wednesday said it beat its benchmark in the third quarter despite challenging investment markets as funds under management decreased.
The London-based investment manager reported total funds under management & administration fell 1.7% to £57.9 billion at September 30 from £58.9 billion at June 30. This compares to its benchmark MSCI PIMFA Private Investor Balanced Index, which contracted by 3.5%.
The Investment Management business FuMA decreased 1.6% to £43.1 billion from £43.8 billion. In the Rathbone Funds business, FuMA decreased 2.8% to £10.6 billion from £10.9 billion, while at Saunderson House, it remained flat at £4.2 billion.
Looking ahead, Chief Executive Officer Paul Stockton said: "We continue to place a high priority on engaging meaningfully with our clients, both face-to-face and digitally, and are on track to deliver the first phase of our planned InvestCloud and Charles River implementations by the end of 2022. Rathbones is well-positioned to take advantage of the future growth opportunities that can arise both during and after periods of investment market volatility."
Rathbones shares were 0.5% lower at 1,784.00 pence each in London on Wednesday morning.
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