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RAT Rathbones Group Plc

1,548.00
24.00 (1.57%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Rathbone Brothers Rathbone Brothers Plc : 3rd Quarter Results

18/10/2017 7:00am

UK Regulatory


 
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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