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Pre-Tax Profits Fall Slightly At UK's Rathbone Brothers; AuM Increases
Tom Burroughes
26 July 2012
Rathbone Brothers, the UK-listed wealth management and
investment house, logged pre-tax profits of £19.9 million ($30.9 million) for
the six months ended 30 June, a drop of 3.4 per cent from a year before. Underlying profit before tax (excluding amortisation of
client relationship intangible assets and head office relocation costs) fell by
4.1 per cent from £24.2 million to £23.2 million. Total funds under management rose 5 per cent from the end of
last year to £16.65 billion at end-June. This compares with a flat FTSE 100
Index of equities over that period, and a rise of 1.6 per cent in the FTSE
APCIMS Balanced Index. Total net organic and acquired growth in the funds managed
by Rathbone Investment Management was £497 million in the first six months of
2012, representing a net annual growth rate of 6.7 per cent (2011: 8.4 per cent).