February 23, 2017 / 7:22 AM / in 9 months

Rathbone Brothers says FY funds under management up 17.1 pct

LONDON, Feb 23 (Reuters) - British wealth manager Rathbone Brothers said funds under management rose 17.1 percent in 2016 to 34.2 billion pounds ($42.55 billion), boosted by gains in the British stock market in the second half of the year.

However, the firm said in a statement on Thursday the underlying rate of net organic growth was 2.9 percent, down from 3 percent a year earlier, although fee income of 184.8 million pounds was up 14.5 percent year on year.

Underlying profit before tax, which excludes acquisition-related costs, head office relocation costs and charges in relation to client relationships and goodwill, was up 6.4 percent to 74.9 million pounds over the period, it said.

Rathbones said it would pay a final dividend of 36 pence for 2016 for a total of 57 pence for the year, up 3.6 percent. ($1 = 0.8037 pounds) (Reporting by Simon Jessop; editing by Carolyn Cohn)

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