Rathbones posts increased FUM in 2011
From News Feb 21 2012 BY: Esther Armstrong
, Senior Reporter
, Portfolio Adviser
Rathbone Unit Trust Management posted an overall increase of 5% in FUM by the end of December, after it saw positive net monthly sales throughout 2011.
Sales for the full year were up at £1.09bn, compared to £1.04bn in 2010.
Meanwhile, Rathbone Investment Management saw its annual growth rate of FUM up 8%, with £0.31bn of acquired inflows and £0.79bn of net organic growth. This compared to an annual growth rate of 10% in FUM last year, comprised of inflows of £0.60bn and organic growth of £0.64bn.
Both divisions of the company contributed to a 30% increase in pre-tax profit for Rathbone Brothers up at £39.2m from £30.1m a year earlier.
Total FUM for the company grew 1.4% over the period to £15.85bn, compared to £15.63bn at 31 December 2010.
Andy Pomfret, chief executive of Rathbone Brothers, said: "Rathbones is cautiously optimistic about the prospects for 2012 with the UK equity market ending 2011 on a more positive note.
"There is no doubt that the uncertainties over Europe persist, but these are balanced by indications the world economy continues to grow and some developed economies are showing small signs of improvement, particularly in the US."