17 August 2022

Covers half year to 30 June 2021

Paul Stockton, chief executive said: 

“Investment markets improved in the first half of 2021 as sentiment began to look beyond the pandemic. Continued organic growth also helped increase our funds under management and administration to £59.2 billion at 30 June 2021, up 8.2% from £54.7 billion at 31 December 2020 and up 19.8% from £49.4 billion at 30 June 2020. 

Following a strong set of year to date financial results we enter the second half of 2021 in a robust position. The acquisition of Saunderson House, announced on 23 June 2021, accelerates our financial advice strategy, and presents an exciting opportunity to explore wider UK wealth segments. The deal continues to be on track to complete during the third quarter of 2021, adding c£4.7 billion of funds under management and administration. 

We continue to focus on delivering high-quality services to our clients and developing our services. The UK wealth market is changing quickly, and Rathbones remains well positioned to take advantage of future growth opportunities.”

Financial highlights:

  • Total funds under management and administration reached £59.2 billion at 30 June 2021, up 8.2% from £54.7 billion at 31 December 2020 (30 June 2020: £49.4 billion). The MSCI PIMFA Private Investor Balanced Index increased 6.0% over the six-month period to 30 June 2021.
  • £47.8 billion in the Investment Management business (30 June 2020: £41.4 billion).
  • £11.4 billion in the Funds business (30 June 2020: £8.0 billion).
  • Total net inflows in Investment Management were £0.5 billion in the first six months of 2021 (30 June 2020: £0.8 billion). Net organic inflows in the first half of the year totalled £0.4 billion (30 June 2020: £0.3 billion) and purchased inflows totalled £0.1 billion (30 June 2020: £0.5 billion, reflecting the acquisition of Barclays Wealth’s Personal Injury and Court of Protection business).
  • Net inflows in our Funds business were £1.0 billion in the first half of 2021 (30 June 2020: £0.6 billion).
  • Profit before tax for the six months to 30 June 2021 of £48.8 million (30 June 2020: £27.3 million). Basic earnings per share totalled 69.9p (30 June 2020: 36.1p).
  • Operating income totalled £213.5 million in the first half of 2021, 19.3% ahead of the prior year (30 June 2020: £179.0 million).
  • Income in Investment Management totalled £184.8 million in the first six months of 2021, an increase of 16.4% on the prior period (30 June 2020: £158.7 million).
  •  Income in our funds business totalled £28.7 million in the six months ended 30 June 2021, an increase of 41.4% on the £20.3 million reported in the first half of 2020.
  • Underlying profit before tax totalled £62.9 million in the first six months of 2021 (30 June 2020: £46.0 million). Underlying earnings per share totalled 92.5p (30 June 2020: 67.5p).
  • Underlying operating margin of 29.4% in the six months ended 30 June 2021 (30 June 2020: 25.7%; 31 December 2020: 25.3%).

Read the full statement here

For further information contact:

Rathbone Brothers Plc

Tel: 020 7399 0000
email: shelly.patel@rathbones.com

Paul Stockton, Chief Executive
Jennifer Mathias, Group Finance Director
Shelly Patel, Head of Investor Relations

Camarco

Tel: 020 3757 4984
email: ed.gascoigne-pees@camarco.co.uk

Ed Gascoigne-Pees
Julia Tilley