17 January 2024

Q4 trading update

  • Total FUMA, including Investec Wealth & Investment (IW&I), reached £105.3 billion at 31 December 2023 (30 September 2023: £100.7 billion, 31 December 2022: £60.2 billion) consisting of: 
    • £48.0 billion in Rathbone Investment Management (RIM) (31 December 2022: £45.1 billion). 
    • £42.2 billion in IW&I (31 December 2022: £nil).  
    • £1.3 billion in Saunderson House (31 December 2022: £4.1 billion) as FUMA in that entity continues to migrate as planned to Rathbones investment propositions. 
    • £13.8 billion in Rathbone Asset Management (RAM, formerly Rathbone Unit Trust Management) (31 December 2022: £11.0 billion).  
  • Total net flows in wealth management were flat in the quarter as positive inflows in Rathbones offset anticipated outflows in IW&I: 
    • Rathbones discretionary and managed net inflows for the quarter totalled £0.4 billion.  
    • Net outflows in IW&I were £0.3 billion, reflecting the anticipated impact of investment manager departures that predominantly occurred prior to the announcement of the combination with Rathbones. Since then, investment manager turnover has been low, engagement with colleagues at IW&I has been very positive, and integration work remains on track. 
  • Net inflows into our multi-asset fund range, comprising both direct and managed solutions via in-house funds, totalled £0.6 billion in the quarter. Net outflows in RAM single strategy funds of £0.1 billion were resilient against the wider asset management industry backdrop. 
  • Market and investment performance added £4.9 billion to FUMA in the quarter.  



Economic uncertainties are expected to persist in 2024, however, Rathbones will continue to remain focused on client engagement as we deliver toward our key strategic objectives. 

Until the IW&I business is fully integrated, the existing client billing dates of each of the investment management businesses will be maintained. The principal charging dates for Rathbone Investment Management clients are 5 April, 30 June, 30 September and 31 December. The principal charging dates in 2024 for IW&I are 29 February, 31 May, 31 August and 30 November. 

Rathbones begins 2024 as an enlarged group that remains well-positioned to take advantage of both benefits of scale and future growth opportunities.



Our preliminary statement of annual results for the year ended 31 December 2023 will be published on Wednesday, 6 March 2024. A presentation to analysts will be held on the same day. 

View the full statement here.

For further information contact:

Rathbones Group Plc

Paul Stockton, Group Chief Executive Officer
Iain Hooley, Group Chief Financial Officer* 
Shelly Patel, Head of Investor Relations

Tel: 020 7399 0071
Email: shelly.patel@rathbones.com

Paul Stockton, Chief Ex