Rathbones posts slight dip in Q1 FUMA, net outflows flat

7th May 2026 09:01

(Sharecast News) - Wealth and asset manager Rathbones has reported a slight dip in funds under management and administration in the first quarter.

Rathbones said on Thursday that FUMA had slipped to £113.6bn from £115.6bn at year‑end, as the group continued to see net outflows across both its wealth management and asset management divisions.

Total net outflows were £800m for the period, unchanged from the first quarter of 2025, including £400m withdrawn from wealth management and a further £400m from asset management.

The FTSE 250-listed firm said total operating income rose 9.4% year‑on‑year to £240.7m, up from £220.1m in the same period of 2025.

Wealth management FUMA stood at £105.2bn, compared with £106.2bn at the end of December, while gross FUM in asset management fell to £15.7bn from £16.6bn, equivalent to £8.4bn on a consolidated basis once intra‑group holdings were excluded.

Within wealth management, £200m of outflows were related to execution‑only services, while asset management saw net withdrawals of £400m, compared with £300m a year earlier.

Chief executive Jonathan Sorrell said: "Operating income grew 9.4% compared with Q1 2025, reflecting improved market levels relative to the prior year. Underlying flows in our wealth proposition continued to stabilise during the first quarter against a volatile market backdrop.

"Excluding execution-only services, wealth flows were broadly flat in Q1 after absorbing an estimated increase of £0.2bn of tax-driven withdrawals as a consequence of the October 2024 Budget, activity that was concentrated in January. At group level, net outflows in the quarter largely reflected this elevated tax-related activity, together with ongoing outflows from low-margin execution-only services and the continued challenging operating environment in UK retail active asset management."

As of 1100 BST, Rathbones shares were down 0.80% at 1,994p.

Reporting by Iain Gilbert at Sharecast.com

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