Rathbones total funds under management nudged up slightly in the first quarter, hitting £55.8bn.
This was an increase of 2% from £54.7bn at the end of December 2020.
Assets in the investment management business totalled £45.5bn, up from £44.9bn at the end of 2020, while the funds business saw AUM reach £10.3bn, up from £9.8bn.
Total net inflows across both business sectors during the quarter were £700m, the same as for Q1 2020. This represented an annual net growth rate of 5.1%.
Investment management net flows were £200m, compared with nil in Q1 2020, while for the funds business they were £500m compared with £200m for Q1 2020.
Underlying net operating profit was £107.3m, a 26.8% increase on the corresponding quarter last year.
Investment management fee income jumped 40.4% compared to the same quarter in 2020 due to increased FUM, improved markets on the Q1 billing date and the Speirs & Jeffrey acquisition.
Fees from advisory services and other income increased to £5.1m, up from £4.8m in Q1 2020.
The funds business income totalled £13.7m during the quarter, a 41.2% increase on the £9.7m recorded in the same quarter in 2020.
Rathbones chief executive Paul Stockton (pictured) said: “Our funds business grew strongly, surpassing the £10bn mark during the period, and combined with improved net organic inflows in our Investment Management business and positive market movements to deliver strong income growth.
“We continue to deliver on our strategy, progressing our responsible investing agenda with the addition of four new Rathbone Greenbank Multi-Asset Portfolios in the first quarter. As markets begin to look beyond the pandemic, we will pursue our plans to strengthen services to clients and advisers and take advantage of future growth opportunities.”
