According to a trading update ahead of its preliminary full year results, the wealth manager reported, total FUM rose 23.6% during the year to £27.2bn, with £327m coming in during Q4. Net organic growth, however, slipped from 5.4% to 4% as a result of the loss of two large, low margin mandates, the group said. In the three months net organic business generated fell to £105m, from £307m in Q4 2013.
During the year the group grew organic new business by £810m, down from £891m the previous year, but, during the same period it acquired £3.2bn in new business, up sharply from the £600m acquired in 2013.
Funds under management at Rathbone Investment Management grew 22.3% to £24.7bn during the year, while the unit trust business reported a 38.9% jump in FUM to £2.5bn.
Looking ahead for the year, Rathbones said it expects market volatility to persist, but said it continues to pursue its growth objectives.
In its latest presentation to analysts in November 2014, the group outlined these, saying it aspires to have £4.5bn in FUM within its unit trust business, £3bn in FUM in its private office unit and £28.5bn in its private client investment management business by 2018.
