Wealth manager Rathbone Brothers said today it had boosted its-full year profit but warned Brexit could affect the value of its funds.
Underlying operating income in investment management grew to £275.3m for the year to 31 December, up from £254.6m the previous year. That figure includes £8.7m in relation to Scottish wealth manager Speirs and Jeffrey which it absorbed in August.
Total funds under management and administration were £44.1bn at the year end, up 12.8 per cent from £39.1bn a year previously.
Funds under management and administration its its investment management division grew 23.5 per cent, comprising £1.1bn of net organic growth and £6.8bn of acquired inflows relating to Speirs and Jeffrey,
Underlying rate of net organic growth was 3.4 per cent in 2018, up from three per cent the previous year.
Profit before tax increased 4.1 per cent from £58.9m to £61.3m.
Chairman Mark Nicholls said: “Brexit will bring no changes to the basis or nature of the services we provide to the vast majority of our clients and investors who are based in the UK. However, we recognise the impact of Brexit more generally could affect the value of our funds under management and administration.”
Chief executive Philip Howell is set to retire on 9 May to be replaced by finance director Paul Stockton.