Rathbones Group funds under management and administration tick up

Rathbones Group posted an uptick in first-quarter funds under management and administration on Thursday, reflecting positive market and investment performance.

In the three months to the end of March, funds under management and administration rose 1.1% to £60.9bn.

FuMA in the investment management business rose to £45.8bn from £45.1bn, while the Rathbone Funds business saw a rise to £11.4bn from £11bn at the end of last year, and Saunderson House saw a drop to £3.7bn from £4.1bn.

Rathbones said underlying net operating income came in at £117.8m during the quarter, down 2.2% from £120.5m in the corresponding period last year.

Chief executive Paul Stockton said: "Rathbones remains on track to meet the operating margin targets provided in the 2022 preliminary results, supported by the successful delivery of Saunderson House synergies and the launch of an enhanced digital capability."