logo
Plus   Neg
Share
Email

Rathbone Brothers Q3 FUM Rises, Net Inflows Down; Stock Dips

Rathbone Brothers Plc (RAT.L), a provider of investment and wealth management services, reported Thursday that its third-quarter total funds under management and administration increased 4.4 percent to 49.4 billion pounds as of September 30, 2019 from last year's 47.3 billion pounds. Total net inflows were 0.1 billion pounds in the third quarter, down from last year's 7.0 billion pounds, largely reflecting the acquisition of Speirs & Jeffrey.

In London, Rathbone Brothers' shares were losing around 7 percent in the early morning trading.

In its trading update, the company noted that underlying operating income for the third quarter totaled 86.3 million pounds, an increase of 7.5 percent from 80.3 million pounds last year.

Income in Investment Management totaled 76.7 million pounds in the quarter, up 8.3 percent from the prior year.

The FTSE 100 Index on the third quarter charging date decreased 1.4 percent from the equivalent date last year, whilst the MSCI WMA Private Investor Balanced Index increased by 2.0 percent.

Paul Stockton, Chief Executive of Rathbone Brothers, said, "Our funds under management and administration increased marginally in the quarter to £49.4 billion. In difficult markets we continue to focus on providing a quality service to our clients, navigating through ongoing market uncertainty but also selectively investing to pursue organic growth opportunities and develop our business."

In London, Rathbone Brothers shares were trading at 2,225 pence, down 6.5 percent.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
RELATED NEWS
Follow RTT