Shares of the firm have risen by more than 1.1% this morning against a downbeat FTSE backdrop on today’s results, which put the firm’s assets 22.2% higher than a year ago.
The results are likely to be hailed as signs of success for the group’s chief executive Philip Howell, who took over from Andy Pomfret in March 2014 with a mandate to reinvigorate the almost 300-year old business.
Rathbones’ assets rose thanks to £427m of inflows of client money and investment gains of £1.2bn
Its fee income of £46m was 22% higher year on year thanks to the growth in assets.
In a market statement this morning the group said its chairman Mark Nicholls would make an upbeat statement at the firm’s annual general meeting later today.
“Our investment businesses continue to perform well and activity is high across the group as we continue to progress towards our strategic goals. We continue to seek further growth opportunities, but remain mindful of continuing political and economic uncertainties,” he is expected to say.
Elsewhere, the firm’s Rathbone Unit Trust Management fund business gained 10% in assets during the first quarter, reaching £4.4bn, and its net operating income of £7.3m was up 35.2% year on year.
