Rathbones Group funds under management and advice (FUMA) hit £105.3bn at the end of 2023 following the acquisition of Investec W&I.
In a trading update for Q4, the firm revealed its investment management division grew £2.9bn over the year, with FUM reaching £38bn.
Rathbones’ acquisition of Investec W&I added £42.2bn to the total, while Rathbone Asset Management – recently renamed from Rathbone Unit Trust Management – saw FUM grow to £13.8bn from £11bn at the end of 2022.
Market and investment performance added £4.9bn to FUMA in Q4 alone.
Investec W&I suffered £300m net outflows in the quarter, which Rathbones attributed to the anticipated impact of investment manager departures, that “predominantly occurred prior to the announcement of the combination with Rathbones”.
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However, the outflows were offset by inflows into Rathbones discretionary and managed products, which pulled in £400m in Q4.
Rathbones subsidiary Saunderson House’s FUM continued to fall to £1.3bn as the firm took steps to merge it into its existing investment propositions.
The firm’s interim annual results for 2023 are set to be published on 6 March.
