Net operating income for the investment management division hit £41.6m, an increase form £37.9m the previous year. Its net growth in funds under management was 8.8%, or £368m in real terms.
Total group funds under management increased 8.9% during the first quarter of the year, and by the end of April had surpassed the £20bn mark at £20.1bn. This includes the £399m from the acquisition of Taylor Young’s private client business.
The results mark a slight turn in fortune for the firm, which reported a downturn in annual inflows from 7.5% in 2011 to 6.2% in 2012.
Net interest income fell almost 20% in the first three months of the year, a trend which is anticipated to continue as a result of lower yields on treasury assets.
Cash in client portfolios averaged £910m in Q1 2013, compared to a 2012 average of £944m.
The graph shows the changes in the firm’s net operating income in Q1 2012 and Q1 2013
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