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Wealth manager Rathbone's Q1 funds under management jump 16.3 pct
May 14, 2014 / 7:05 AM / 4 years ago

Wealth manager Rathbone's Q1 funds under management jump 16.3 pct

May 14 (Reuters) - British wealth manager Rathbone Brothers on Wednesday reported a 16.3 percent rise in total funds under management in the first quarter and said recent acquisitions are expected to positively effect earnings in 2015.

The company said total funds under management stood at 22.8 billion pounds ($38.3 billion) at the end of the first quarter, compared with 19.6 billion pounds a year earlier.

Underlying net operating income in Rathbone Investment Management rose 11.3 percent to 46.3 million pounds in the first three months of 2014, it said in a statement.

Net organic growth - which can consist of new money from either existing or new clients - in the firm’s investment management unit saw an annualised growth rate of 4.2 percent in the first quarter, up from 3.8 percent in the first three months of 2013.

$1 = 0.5939 British Pounds Reporting by Noor Zainab Hussain in Bangalore; Editing by Sunil Nair

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