Rathbones Group Plc releases half year 2022 results today. Read the full announcement here.
Paul Stockton, Group Chief Executive of Rathbones, said:
- 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.
For further information contact:
Rathbones Group Plc
Tel: 020 7399 0000
Tel: 020 3757 4984