Rathbones funds growth beats market
LONDON (Reuters) - Wealth manager Rathbone Brothers reported 6.1 percent growth in its funds under management for the first three months of the year, beating a small rise in financial markets as its affluent clients invested more money in its products.
Rathbones (RAT.L) said on Thursday funds under management rose to 16.81 billion pounds at end-March. This represented growth of more than double the 3.2 percent rise in the FTSE APCIMS Balanced Index, a closely watched performance measure for wealth managers.
Several managers have benefited from a recovery in demand for riskier investments this year as clients defy the fragile economic picture to hunt for higher-yielding assets.
The firm also said its Investment Management division pulled in 165 million pounds during the quarter, while its Unit Trusts managed to gain 30 million pounds of new client cash.
This growth helped net operating income rise 12 percent over the same period a year earlier.
(Reporting by Tommy Wilkes)
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