Rathbone Bros sees rise in FuM

24th Oct 2012 09:16

Wealth manager Rathbone Brothers has provided a solid quarterly trading update on Wednesday with funds under management (FuM) slightly up on the same period in the prior year.Total FuM for the nine months to September 30th were £17.35bn (2011: £15.05bn), with net operating income increasing to £116m (2011: £108.7m) for the period.Underlying net operating income of £109.4m in Rathbone Investment Management for the nine months ended September 30th was 7.9% higher than 2011.Net interest income of £7.6m in the first nine months of 2012 was in line with the same period in 2011. The company commented: "Pressure on interest margins is expected to continue into 2013"."We expect markets to remain challenging for the remainder of 2012 reflecting a weak outlook for global growth and continuing nervousness over the future of the eurozone," said Chief Executive Officer Andy Pomfret."Despite this, we will continue to invest and grow as a leading provider of high-quality personalised discretionary investment management services in the post RDR world."Shares were up 0.84% at 1,318p by 10:26 on Wednesday.CM