Securing future momentum

Paul Stockton, Group Chief Executive, said: 

“The UK wealth and asset management sector remains fundamentally attractive, underpinned by long-term trends. The strong progress we have made this year to develop our investment and financial planning services is part of our ongoing investment to improve client experience and promote efficiency.

Our financial results reflect the difficult market conditions faced by many investors in 2022, but also the very deliberate investment in technology we have committed to, which will provide critical support to the delivery of the personal service we offer and improve our investment capability.

Throughout the year, we remained focused on providing consistency and reassurance to our clients, to help them achieve their financial goals.”

Financial highlights

• Total FUMA was £60.2 billion at 31 December 2022, down 11.6% from £68.2 billion at 31 December 2021:
• £45.1 billion in Investment Management (excluding Saunderson House), down 10.2% (2021: £50.3 billion).
• £11.0 billion in Rathbone Funds, down 15.3% (2021: £13.0 billion).
• £4.1 billion of Saunderson House FUMA, down 16.3% (2021: £4.9 billion).
• Discretionary and managed net inflows were resilient in the year at £1.3 billion (2021: £1.8 billion), representing a growth rate of 2.6% (2021: 4.1%):
• Discretionary service net inflows totalled £0.9 billion (2021: £1.3 billion).
• Net inflows into our multi-asset fund range were strong, totalling £0.4 billion and equating to net growth for the year of 20% (2021: £0.5 billion).

1.   A reconciliation between the underlying measure and its closest IFRS equivalent is provided in the financial performance section.

Outlook and guidance

As set out in 2022, investment in our medium-term strategy will continue in 2023, to complete the integration of Saunderson House and the investment in our digital programme. We remain on track to invest a total of £40 million in this programme, continuing to target a return to more usual “higher 20s” underlying operating margin levels by the end of 2024, as benefits from recent acquisitions and planned investment are achieved.

The wealth management sector continues to offer a significant long-term opportunity which Rathbones has the brand, momentum and balance sheet strength to benefit from.

Declaration of final dividend 

The board recommends a final dividend of 56p for 2022 (2021: 54p), making a total of 84p for the year (2021: 81p), an increase of 3.7% on 2021. This is consistent with our progressive policy and is supported by our strong capital position and robust balance sheet. The dividend will be paid on 9 May 2023, subject to shareholder approval at our 2023 Annual General Meeting on 4 May 2023. 

2022 results presentation

A presentation detailing Rathbones’ 2022 results is available on the investor relations website under the tab ‘Results Presentations’ (https://www.rathbones.com/investor-relations/results-and-presentations).

A presentation to analysts and investors will take place this morning at 10:30am at our offices at 8 Finsbury Circus, London, 
EC2M 7AZ. Participants who wish to join the presentation virtually can do so by either joining the video webcast (https://www.investis-live.com/rathbone-brothers/63c03c58aeebb9120025c60f/glelee) or by dialling in using the conference call details below:

United Kingdom: 0800 640 6441

United Kingdom (Local): 020 3936 2999 

All other locations: +44 203 936 2999

Participant access code: 453969 

A Q&A session will follow the presentation. Participants will be able to ask their questions either via the webcast by typing them in or via the conference call line.

A recording of the presentation will be available later today on our website at: www.rathbones.com/investor-relations/results-and-presentations.

Read full statement here

Issued on 1 March 2023

For further information contact:

Rathbones Group Plc
Tel: 07702605524
email: sarah.lewandowski@rathbones.com

Paul Stockton, Group Chief Executive
Jennifer Mathias, Group Chief Financial Officer
Sarah Lewandowski, Head of Investor Relations

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

Ed Gascoigne-Pees
Julia Tilley