Paul Stockton, Group Chief Executive of Rathbones, said:

  “The first half of 2022 has been a turbulent one for investors but despite this volatility, net inflows remained positive in the period. Our net operating income totalled £231.9 million to 30 June 2022, an increase of 8.6% from the £213.5 million last year, reflecting continued net organic and acquired growth in funds under management and stronger advisory revenues.   Rathbones remains focused on delivering the strategic plans we set out at our full-year results. Investment in our digital and data capabilities remains critical to our future success which, supported by high client retention and a robust balance sheet, places Rathbones in a strong position to navigate short-term market fluctuations and take advantage of future growth opportunities in the sector.”   

Financial highlights:

• Total funds under management and administration were £58.9 billion at 30 June 2022 (30 June 2021: £59.2 billion, 31 December 2021: £68.2 billion). The MSCI PIMFA Private Investor Balanced index fell 10.0% in the six-month period to 30 June 2022. 
  •  £43.8 billion in the Investment Management business (30 June 2021: £47.8 billion).
  • £10.9 billion in the Rathbone Funds business (30 June 2021: £11.4 billion).
  • £4.2 billion in Saunderson House (30 June 2021: n/a). 
• Despite a difficult market backdrop, net inflows in the first half were positive. Total discretionary and managed net inflows were £0.6 billion (H1 2021: £1.0 billion) in the period to 30 June 2022, representing an annualised growth rate of 2.3% (H1 2021: 4.5%).
  • Discretionary service net inflows totalled £0.4 billion (H1 2021: £0.7 billion).
  • Net inflows into our multi-asset fund range (a central part of our managed offering to the adviser market) were resilient, totalling £0.2 billion and equating to annualised net growth for the period of 22.3% (H1 2021: £0.3 billion).
• Data published by the Investment Association highlights that recent market volatility and macroeconomic headwinds have driven significant outflows across the asset management industry. Against that backdrop, single-strategy funds outflows of £0.2bn in our funds business were relatively resilient, faring well against peers.
• Underlying net operating income totalled £231.9 million to 30 June 2022, an increase of 8.6% from the £213.5 million in the corresponding period last year. 
  • Income in Investment Management totalled £200.1 million in the first six months of 2022, an increase of 8.3% on the prior period (30 June 2021: £184.8 million). 
  • Income in our funds business totalled £31.8 million in the six months ended 30 June 2022, an increase of 10.8% on the £28.7 million reported in the first half of 2021.
• Underlying profit before tax totalled £50.0 million in the first six months of 2022 (30 June 2021: £62.9 million) and reported profit before tax for the six months to 30 June 2022 totalled £32.6 million (30 June 2021: £48.8 million). Both reported and underlying profit are net of planned expenditure of c.£8m to further our digital and data capabilities in the first half. 

 

Read the full statement here

 

For further information contact:

Rathbones Group 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