Rathbones assets rise 4.5% despite £300m Investec W&I outflows
In its Q4 results published today (17 January), the company reported it closed the year with £105.3bn FUMA, up from £100.7bn in September 2023 and a significant increase from £60.2bn at the end of 2022.
According to a fourth-quarter trading statement published today (17 January), the group closed the year with £105.3bn FUMA, up from £100.7bn in September 2023 and £60.2bn at the end of 2022.
Of the total FUMA figure, £48bn came from Rathbones Investment Management (up from £45.1bn in 2022); £42.2bn from Investec W&I; £1.3bn from Saunderson House (down from £4.1bn last year) and £13.8bn from Rathbones Asset Management (up from £11bn in 2022).
Rathbones Unit Trust Management rebrands to Rathbones Asset Management
However, the group noted total net flows into wealth management flatlined in the last quarter of 2023, offset by outflows from Investec W&I.
Over the three-month period, Rathbones discretionary and managed net inflows stood at around £400m, compared with net outflows of about £300m from Investec W&I.
The group said the wealth management outflows reflected «the anticipated impact of investment manager departures that predominantly occurred prior to the announcement of the combination with Rathbones».
Yet, it noted that since the merger, investment manager turnover has remained low and the integration of the two businesses «remains on track».
Investec profits surge 11% following Rathbones merger
Rathbones' multi-asset range posted net inflows of around £600m, while net outflows of about £100m were reported for RAM's single strategy funds, though the company noted they remained «resilient against the wider asset management industry backdrop».
Overall, Rathbones said the economic uncertainties faced in 2023 are
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