Rathbone Director ditches shares following 'resilient' quarter

26th Jul 2012 15:32

Richard Smeeton, the Director of Rathbone Brothers' investment management business in London and Jersey, traded in 10,000 shares on the same day the firm posted decline in profits in the first half of the year. Smeeton, who also manages a large number of client portfolios, pocketed £130,900 from the transaction, having sold the shares at 1,309.00p each. He now holds 130,653 shares in the company, equal to just under 0.3% of the issued share capital. Rathbone, which described the performance in the half year as "resilient", reported a 3.4% decline in pre-tax profit to £19.9m compared to £20.6m in 2011. Underlying profit before tax decreased 4.1% from £24.2m to £23.2m. Underlying operating expenses of £54.5m were up 10.5% on £49.3m in the first half of 2011, largely as a result of higher client facing headcount and investment in marketing, research and compliance staff. The company also revealed that it will be classified as 'restricted' under the Retail Distribution Review (RDR) when the new regulations come into play next year, although its pension and advisory services sector will be classed as 'independent'. Its preparations for the RDR are "well advanced", saying "our fee scales are RDR ready and we have operated to RDR disclosure levels for many years. System changes have also now been completed to comply with adviser charging requirements". The share price has taken a hit over the past week but in the past year it has risen nearly 12%, equal to 137p. Top Director SellsKCOM Group (KCOM) Director name: Mr Bill HalbertAmount sold: 2,704,261 @ 73.80p Value: £1,995,745BTG (BTG) Director name: Ms Louise MakinAmount sold: 303,114 @ 393.24p Value: £1,191,965BTG (BTG) Director name: Mr Rolf SoderstromAmount sold: 143,618 @ 393.24p Value: £564,763Tesco (TSCO) Director name: Mr Andrew HigginsonAmount sold: 132,203 @ 313.62p Value: £414,615KCOM Group (KCOM) Director name: Mr Paul SimpsonAmount sold: 437,456 @ 73.80p Value: £322,843KCOM Group (KCOM) Director name: Mr Kevin WalshAmount sold: 437,456 @ 73.80p Value: £322,843Rathbone Brothers (RAT) Director name: Mr Richard I SmeetonAmount sold: 10,000 @ 1,309.00p Value: £130,900NR