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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Rathbones Group Plc | LSE:RAT | London | Ordinary Share | GB0002148343 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
24.00 | 1.57% | 1,548.00 | 1,544.00 | 1,550.00 | 1,550.00 | 1,500.00 | 1,500.00 | 130,453 | 16:35:15 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Commercial Banks, Nec | 571.1M | 37.5M | 0.5912 | 26.22 | 983.22M |
TIDMRAT Rathbone Brothers Plc Funds under management reach GBP37.5 billion Rathbone Brothers Plc ("the Company") announces a trading update for the three months ended 30 September 2017. Philip Howell, Chief Executive of Rathbone Brothers Plc, said: "In a quarter where investment markets remained relatively benign, our total funds under management grew 2.5% to GBP37.5 billion in the three months to 30 September 2017. Funds managed by Rathbone Investment Management reached GBP32.5 billion and within this our ethical investment service, Greenbank, reached GBP1.0 billion. Funds under management in our Unit Trusts business reached GBP5.0 billion towards the end of the quarter. Both Greenbank and Unit Trusts have reached these strategic milestones well ahead of plan. "We continue to progress our strategic initiatives and invest in our core infrastructure to support client service and meet the demands of forthcoming regulation. We are well positioned for the future and will continue to pursue growth opportunities both organically and through acquisition, approaching each with discipline." Financial highlights: -- Total funds under management were GBP37.5 billion at 30 September 2017; up 2.5% from GBP36.6 billion at 30 June 2017, compared to an increase of 0.8% in the FTSE 100 Index and 0.8% in the MSCI WMA Private Investor Balanced Index in the three months ended 30 September 2017. Underlying net operating income was GBP70.5 million for the three months ended 30 September 2017, up 7.0% from GBP65.9 million in the third quarter of 2016. -- Total net growth of funds under management in Investment Management was GBP0.3 billion, representing a total net annualised growth rate of 3.5% (2016: 5.0%). This comprises net organic growth of GBP0.2 billion (2016: GBP0.2 billion), and acquired inflows of GBP0.1 billion for the quarter. Net organic growth in the third quarter represents an annualised growth rate of 2.6% (2016: 3.0%) contributing to a 2.9% organic growth rate for the nine month period to 30 September 2017 (2016: 2.7%). -- Net operating income of GBP62.5 million in Investment Management for the three months ended 30 September 2017 was 5.6% higher than the GBP59.2 million for the comparable period in 2016. The value of the FTSE 100 Index on the third quarter charging date was 7373 compared with 6899 a year ago. The MSCI WMA Private Investor Balanced Index was 1545 and 1457 on the equivalent dates. -- Funds under management in Unit Trusts at 30 September 2017 were GBP5.0 billion, up 8.7% from GBP4.6 billion at 30 June 2017. Net inflows for the quarter were a record GBP342 million compared to GBP170 million a year ago. Net operating income of GBP8.0 million for the three months ended 30 September 2017 was 19.4% higher than the GBP6.7 million for the comparable period in 2016. Net operating income 3 months ended 30 9 months ended 30 September September 2017 2016 Change 2017 2016 Change GBPm GBPm % GBPm GBPm % Investment Management - Fees 47.7 42.7 11.7 140.2 120.0 16.8 - Commissions 8.2 10.2 (19.6) 30.1 29.7 1.3 - Net interest income 2.9 3.1 (6.5) 8.5 8.8 (3.4) - Fees from advisory services(1) and other income 3.7 3.2 15.6 11.2 9.5 17.9 62.5 59.2 5.6 190.0 168.0 13.1 Unit Trusts 8.0 6.7 19.4 22.9 18.1 26.5 Underlying net operating income 70.5 65.9 7.0 212.9 186.1 14.4 Average FTSE 100 Index on principal charging dates(2) 7373 6899 6.9 7339 6498 12.9 Average FTSE WMA Balanced Index on principal charging dates(2) 1545 1457 6.0 1538 1386 11.0 1. Including income from trust, tax, pension advisory services and Vision Independent Financial Planning. 2. The principal charging dates for Investment Management clients are 5 April, 30 June, 30 September and 31 December. Unit Trust income accrues on daily levels of funds under management. Funds under management 3 months ended 9 months ended 30 September 30 September 2017 2016 2017 2016 GBPm GBPm GBPm GBPm (i) Investment Management Opening FUM (1 July/1 January) 31,981 27,256 30,184 26,126 Inflows 809 708 2,542 2,010 Organic new business 742 574 2,311 1,650 Acquired new business 67 134 231 360 Outflows (532) (367) (1,663) (1,118) Market adjustment 277 1,703 1,472 2,282 Closing FUM (30 September) 32,535 29,300 32,535 29,300 Underlying annualised rate of net organic growth 2.6% 3.0% 2.9% 2.7% Annualised rate of net inflows 3.5% 5.0% 3.9% 4.6% (ii) Unit Trusts Opening FUM (1 July/1 January) 4,634 3,334 4,051 3,073 Inflows 521 454 1,254 1,030 Outflows (179) (284) (643) (601) Market adjustment 6 358 320 360 Closing FUM (30 September) 4,982 3,862 4,982 3,862 Total FUM (30 September)(3, 4) 37,517 33,162 37,517 33,162 Net fund inflows Investment Management 277 341 879 892 Unit Trusts 342 170 611 429 Total 619 511 1,490 1,321 1. Includes GBP1,027 million (30 September 2016: GBP937 million) of execution only funds, Greenbank funds of GBP1.0 billion and Charities funds of GBP4.5 billion. 2. Cash in client portfolios continued to be higher than average at GBP2.3 billion (2016 average: GBP1.8 billion). Loans and advances to customers were GBP126.0 million at 30 September 2017, up 2.2% on the GBP123.3 million at 30 June 2017. The FTSE 100 Index closed at 7516 on 17 October 2017, an increase of 1.9% since 30 September 2017. Investment Management fee income in the fourth quarter is dependent upon the value of funds under management at 31 December 2017. 18 October 2017 For further information contact: Rathbone Brothers Plc Camarco Tel: 020 7399 0000 Tel: 020 3757 4984 email: shelly.patel@rathbones.com email: ed.gascoigne-pees@camarco.co.uk Philip Howell, Chief Executive Ed Gascoigne-Pees Paul Stockton, Finance Director Shelly Patel, Investor Relations Manager Rathbone Brothers Plc Rathbone Brothers Plc ("Rathbones"), through its subsidiaries, is a leading provider of high-quality, personalised investment and wealth management services for private clients, charities and trustees. Our services include discretionary investment management, unit trusts, banking and loan services, financial planning, unitised portfolio services, and UK trust, legal, estate and tax advice. Rathbones has over 1,100 staff in 16 UK locations and Jersey; its headquarters is 8 Finsbury Circus, London. rathbones.com http://www.rathbones.com This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients. The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Rathbone Brothers Plc via Globenewswire http://www.rathbones.com/
(END) Dow Jones Newswires
October 18, 2017 02:00 ET (06:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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