The firm also confirmed it had agreed to pay £15m as part of a conditional settlement of a legal dispute with one of its former directors which has been running since 2012.
Funds under management grew 8.6% to £23.9 billion, net annual growth was 12.2%, earnings per share increased 33.7% to 51.6p and the interim dividend has been confirmed as 19p per share.
Rathbones also trumpeted what it sees as the success of its acquisitions strategy. The asset manager said 95% of Deutsche Asset & Wealth Management’s London unit’s £617m in assets have now been moved over while the £32m buy of Jupiter’s private client business will be completed in the third quarter. The acquisitions will begin to boost earnings in 2015, Rathbones said.
"The first six months of this year have been a busy and exciting period for Rathbones in which we have announced two acquisitions and a successful placing,” chief executive Philip Howell said. “We are pleased to have removed the uncertainty associated with the long-running legal proceedings, and believe that joining a settlement to do so is in the best commercial interests of the company,” he added.
"Notwithstanding relatively flat markets total net growth in funds under management was £1.5 billion in the first half of 2014, representing an annualised growth rate of 14.3% compared to 9.4% in the first half of 2013 and representing continued momentum both from organic and acquired growth,” Howell continued.
