Rathbones FUM reaches £105bn despite outflows from Investec W&I

Market and investment performance added £4.9bn to funds under management and advice in Q4

Paul Stockton
Paul Stockton

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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”.

See also: Close Brothers makes a further Investec W&I hire in senior wealth manager appointment

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.

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