19 October 2023

Paul Stockton, Group Chief Executive of Rathbones, said:

“In September we were delighted to announce the completion of our combination with Investec Wealth and Investment UK (“IW&I”), welcoming new clients and colleagues into the Rathbones group. There is already a strong level of collaboration across the enlarged group and an ongoing dedication to keeping clients’ interests at the forefront of everything we do. 

We delivered net inflows in wealth management in the quarter in spite of a market backdrop that remains challenging and higher outflows as clients use funds to repay debt or prefer to hold assets in cash for the short term. We continue to engage meaningfully with our clients, tailoring our propositions to support their needs. In accordance with consumer duty, both Rathbones and IW&I are committed to acting in the best interests of clients and we remain priced competitively in the market. 

The scale that Rathbones now has positions us strongly to navigate current conditions successfully. We are confident in delivering the synergies associated with the IW&I transaction, together with our 2023 and 2024 operating margin guidance for the enlarged Rathbones group.”


  • Total funds under management and administration (“FUMA”), including IW&I, were £100.7 billion at 30 September (30 June 2023: £60.5 billion, 31 December 2022: £60.2 billion).

    – £45.4 billion in the Investment Management business (30 June 2023: £45.4 billion, 31 December 2022: £45.1 billion). 
    – £12.5 billion in the Rathbone Funds business (30 June 2023: £12.2 billion, 31 December 2022: £11.0 billion).
     – £2.0 billion in Saunderson House (30 June 2023: £2.9 billion, 31 December 2022: £4.1 billion).
    – £40.8 billion in Investec W&I. 
  •  Discretionary and managed net inflows were £0.1 billion (Q3 2022: £0.4 billion) in the quarter to 30 September 2023, representing an annualised growth rate of 1.2% (Q3 2022: 3.3%). As we reported in our interim results, we continued to see strong levels of gross inflows (£1.2 billion in the quarter) albeit that these were largely offset by a continued trend in elevated outflows that reflect current conditions. 
  • Investment performance in our discretionary bespoke service lagged the MSCI PIMFA balanced index in the quarter (-0.8% compared with +0.6%). Year to date group performance remains positive, benefitting in particular from the strong performance in our global opportunities and ethical bond funds. 
  • Underlying net operating income was £120.4 million for the three months ended 30 September 2023, an increase of 6.5% from the £113.0 million for the three months ended 30 September 2022. 

    – Fee income and commission in Investment Management totalled £78.5 million (Q3 2022: £79.6 million). 
    – Net interest income increased to £13.3 million from £5.6 million in Q3 2022 and we continue to pay competitive rates to our clients. 
    – Fees from advisory services and other income reduced to £11.0 million (Q3 2022: £12.4 million) reflecting the expected reduced time-based charges during the Saunderson House transition, offset by continuing growth in Vision and Rathbone Financial Planning revenues. The migration of clients and FUMA from Saunderson House is progressing well, with c.£1.8 billion of FUMA transferred in the year to 30 September 2023. We continue to expect the migration to be completed by the end of the first quarter of 2024, achieving an incremental revenue margin of c.55bps across the group.

View 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


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

Ed Gascoigne-Pees
Julia Tilley