Rathbones Group Plc announces Q1 2022 results

Paul Stockton, Group Chief Executive of Rathbones, said:

“Net operating income has been strong in the first quarter, increasing 12.3% year-on-year and 4.0% on the previous three months. Discretionary and managed net inflows were resilient in a market impacted by inflation fears and a general repositioning towards value.

Rathbones remains focused on delivering the strategic plans we set out at our full-year results, with digital investment and the integration of Saunderson House both progressing well. There remain significant opportunities in our sector and with a strong balance sheet and clear direction, Rathbones is well-placed to take advantage of future opportunities.”

Financial highlights:

  • Total funds under management and administration totalled £64.7 billion at the end of the first quarter* (31 December 2021: £68.2 billion).
    • £47.9 billion in the Investment Management business (31 December 2021: £50.3 billion).
    • £12.1 billion in the Rathbone Funds business (31 December 2021: £13.0 billion).
    • £4.7 billion in Saunderson House (31 December 2021: £4.9 billion).
  • Discretionary and managed net inflows totalled £0.3 billion (Q1 2021: £0.4 billion), representing an annualised growth rate of 2.5% (Q1 2021: 4.0%, Q4 2021: 1.9%).
    • Net inflows into multi-asset funds were strong at £0.1 billion (Q1 2021: £0.1 billion, Q4 2021: £0.1billion), representing annual net growth of 20.4%.
       
  • Underlying net operating income totalled £120.5 million for the three months ended 31 March 2022, an increase of 12.3% from the £107.3 million in the corresponding period last year.
    • Investment Management fees increased 4.5% to £72.2 million.
    • Commissions totalled £14.9 million (Q1 2021: £17.9 million), in line with trading volumes.
    • As anticipated, net interest income grew 40.0% to £2.1 million, reflecting the increase in Bank of England base rates over the quarter.
    • Fees from advisory services and other income increased to £14.7 million, reflecting the acquisition of Saunderson House (Q1 2021: £5.1 million).
    • Income in Rathbone Funds totalled £16.6 million for the period ended 31 March 2022 (2021: £13.7 million).
       
  • The final dividend for 31 December 2021 of 54 pence per share will be paid on 10 May 2022.

 

Read the full statement here

 

* Funds under management at the end of the first quarter are measured at 5 April for Investment Management (to coincide with the first charging date for Investment Management private clients) and at 31 March for Rathbone Funds.

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