Rathbone Brothers FuM up 4.7% in Q1

Rathbone Brothers reported a rise in total funds under management for the 1 January to the end of March, citing strong investment markets.

Total FuM were up 4.7% to £35.8bn at the end of the first quarter from £34.2bn at 31 December and 22% from £29.3bn a year ago. Net inflows came in at £427m and the wealth manager had £1.2bn of market gains.

Meanwhile, total net growth of FuM in the investment management business was £318m, representing a total net annualised growth rate of 4.2% versus 3.6% the year before. This comprises net organic growth of £248m and acquired inflows of £70m for the quarter. Net organic growth in the first quarter represents an annualised growth rate of 3.3% compared to 1.5% in the same period a year before.

Chairman Mark Nicholls said: "Our investment businesses continue to perform well and activity is high across the group as we continue to progress towards our strategic goals. We continue to seek further growth opportunities, but remain mindful of continuing political and economic uncertainties."

At 0846 BST, the shares were down 0.1% to 2,403p.