Pre-tax profit increase for Rathbones

Tuesday 25 February 2014

Rathbone Brothers Plc has reported a growth in profit before tax in 2013 of 15%.

Chairman Mark Nicholls said last year was a positive time for investment markets generally and it had benefitted both Rathbones and its clients.

He said: “This positive backdrop, combined with better levels of new business, meant that our total funds under management grew by 22.2% over the year to £22.0 billion. It is particularly pleasing that the growth in our business was broad-based, with our relationship approach continuing to be well received by private clients, professional intermediaries, trustees, charities and institutions.

“Rathbones welcomed some 1,500 clients in 2013 either directly, or through financial intermediaries or as clients of seasoned investment managers who have recently joined us. Our unit trust business also performed well, growing its funds under management from £1.3 billion to £1.8 billion through both strong inflows and good investment performance.”

Rathbones is an independent provider of high-quality, personalised investment and wealth management services for private clients, charities and trustees. This includes discretionary investment management, unit trusts, tax planning, trust and company management, pension advice and banking services. It employs more than 880 staff in 13 UK locations and Jersey, and has its head office at 1 Curzon Street, London.

Philip Howell will shortly become chief executive, replacing Andy Pomfret who is retiring.

Mr Nicholls said: “Rathbones has flourished under Andy’s strong leadership and it is a tribute to him that he not only brought in Philip as a potential successor but has also ensured a smooth handover of responsibilities. I have enjoyed working with Andy immensely and wish him well in his future plural career. We are well placed to take advantage of future growth opportunities in our sector and continue to look to the future with optimism. I very much look forward to working with our new chief executive, Philip Howell, and the board in the coming years to develop and grow the business further.”