Rathbones releases its FUMA update for the year ending 31 December 2022

Rathbones Group Plc (“Rathbones”) delivered a further quarter of sustained net inflows with discretionary and managed net inflows totalling £347 million in Q4 2022 (an annualised growth rate of 3.1%) at the end of a challenging year for investors.

  • 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).
     
  • Total FUMA were £60.2 billion at 31 December 2022 (31 December 2021: £68.2 billion), reflecting continuing net inflows offset by a negative market movement over the year.
    - £45.1 billion in the Investment Management business was down 10.2% from £50.3 billion at 31 December 2021, in line with the MSCI PIMFA Private Investor Balanced Index which also decreased 10.2% over the year.
     
  • £11.0 billion in Rathbone Funds, was down from £13.0 billion at 31 December 2021, with continued market volatility impacting market performance and investor behaviour across the industry. Despite significant outflows across the wider asset management sector, net outflows in our single strategy fund range remained low at £0.4 billion in the year, representing 4.5% of opening FUMA (2021: net inflows of £1.2 billion).
     
  • £4.1 billion in Saunderson House, was down from £4.9 billion at 31 December 2021, with net outflows of £0.2 billion (2021: nil) in line with expectations. The integration of Saunderson House is progressing in line with plan, with new propositions launched during the year beginning to be taken up by clients in the fourth quarter.
     
  • Successful delivery of the first phases of our digital transformation programme, supporting greater efficiency and improving client and investment manager experiences.

Outlook

Whilst economic uncertainties are expected to prevail into 2023, we will remain focused on client engagement and delivery on our strategic priorities. Benefits from ongoing investment in our digital capability and wider financial planning propositions will further enable organic growth. Our strong balance sheet and clear direction means we remain well-placed to consider inorganic growth opportunities.

Notice of results

Our preliminary statement of annual results for the year ended 31 December 2022 will be published on Wednesday, 1 March 2023. A presentation to analysts will be held on the same day.

 

View the full statement here.

For further information contact:

Rathbones Group Plc

Tel: 020 7399 0000
email: sarah.lewandowski@rathbones.com

Paul Stockton, Chief Executive
Jennifer Mathias, Group Finance Director
Sarah Lewandowski, Head of Investor Relations

Camarco

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

Ed Gascoigne-Pees
Julia Tilley