At the end of 2010, Rathbones closed with £15.6bn of assets under management, increasing this to a little over £16bn by the end of the first quarter this year, a rise of 2.6%.
Total assets under management in Rathbone Unit Trust Management rose from £1.04bn at the end of last year £1.06 billion at the end of the first quarter, with net inflows of £17m. Its operating income of £2m was up 5.3% from £1.9m in Q1 2010.
In today’s AGM, Mark Powell, the outgoing chairman of Rathbone Brothers Plc, will also announce net organic growth in Rathbone Investment Management of £314m for the quarter, an annualised growth rate of 8%. This compares with a growth of 3.2% in the same period last year.
Inflows into Rathbone IM amounted to £42m in the quarter which represents a net annual growth rate of 9.8% (11.1% in Q1 2010) when added to the net organic growth.
Its operating income (12.3% to £34m) is up although net interest and other income is down, by 3.7% to £26m.
This is Powell’s last AGM before Mark Nicholls succeeds him as chairman.
