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First-half profits up at Rathbone Brothers
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FUND managers Rathbone Brothers has seen an 11% growth in first-half profits although it expects volatility in world markets to continue throughout the year.
Pre-tax profits increased to £15.8m while funds under management also rose slightly to June 30, up 1.5% to £13.29bn.
This compared with a a decrease of 9.2% in the FTSE 100 Index and a decrease of 3.2% in the FTSE/APCIMS Balanced Index over the same period, regarded by Rathbones as the index which most closely reflects the spread of investments held by its private investor and trustee clients.
Andy Pomfret, chief executive of Rathbone Brothers, said: “Rathbone Investment Management had a strong first half, benefitting from good growth in funds under management, stronger equity markets and commission levels.
“The volatility in world markets which has been experienced in the first half seems likely to continue for the rest of this year. We consider that in this investment climate Rathbones is ideally placed to attract new clients seeking a sound investment process and discretionary investment management provided on a personal basis by qualified, named individuals.
“We have a strong balance sheet and are confident of Rathbones’ ability to deliver further growth.”
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