Released: 07 May 2008
Operating income up by 4.0%
New office in Birmingham
Interim Management Statement
This
statement is the first Interim Management Statement in accordance
with the UK Listing Authority's Disclosure and Transparency Rules.
It covers the period from 1 January 2008.
Rathbone Brothers Plc, a leading provider of discretionary fund management and wealth management services for private investors and trustees, announces an increase in operating income over the first quarter of 2008 of 4.0% to £38.7 million compared to £37.2 million in the first three months of 2007.
Total revenues and operating income
| 1st quarter
to 31 March 2008 £m |
1st quarter
to 31 March 2007 £m |
Change % | |
| Investment management | 38.2 | 32.8 | 16.5 |
| Unit trusts | 5.9 | 7.1 | -16.9 |
| Tax and trust | 7.0 | 6.2 | 12.9 |
| Total revenues | 51.1 | 46.1 | 10.8 |
| Interest payable and similar charges | (9.9) | (6.2) | 59.7 |
| Fees and commissions payable | (2.5) | (2.7) | -7.4 |
| Operating income | 38.7 | 37.2 | 4.0 |
Funds under management
| 5 April 2008* £bn |
31 December 2007 £bn |
Change since 31 December 2007 % | |
| Investment management (segregated funds) |
10.74 | 11.23 | -4.4 |
| Unit trusts | 1.68 | 1.89 | -11.1 |
| Total Funds Under Management | 12.42 | 13.12 | -5.3 |
| FTSE APCIMS Balanced | 2869 | 3024 | -5.1 |
| FTSE 100 | 5947 | 6457 | -7.9 |
*5 April is the first quarterly date at which client account fees for Rathbone Investment Management are charged during the calendar year. Rathbones' other charging dates are: 30 June, 30 September and 31 December.
New office in Birmingham
Rathbone Investment Management is opening its first office in
Birmingham in the summer of this year. It has recruited three
investment managers and will look for other experienced individuals
to help grow its investment management presence in this important
centre.
Annual General Meeting
Rathbone Brothers Plc is holding its annual general meeting at 12
noon today where the following comments will be made regarding
current trading and the outlook for the remainder of 2008.
Mark Powell, chairman of Rathbone Brothers Plc, commented:
"Despite the challenging conditions in world stockmarkets, Rathbones has achieved a 4% growth in total operating income in the quarter to 31 March 2008. Total funds under management have fallen by 5.3% as at 5 April 2008, compared with a fall of 5.1% in the FTSE APCIMS Balanced Index and 7.9% in the FTSE 100 Index in the period since 31 December 2007. Rathbones remains in a strong financial position."
For further information contact:
| Rathbone Brothers Plc | 020 7399 0000 (Switchboard) |
| Mark Powell, Chairman | |
| Andy Pomfret, Chief Executive | |
| Emily Morris, Marketing Director | |
| Smithfield | |
| Reg Hoare/Miranda Good | 020 7360 4900 |
Rathbone Brothers Plc
Rathbone Brothers Plc specialises in providing, through its
subsidiaries, high quality, personalised investment management and
wealth management services for private investors and trustees,
including discretionary fund management, unit trusts, tax planning,
trust and company management, pension and banking services. It
manages £12.4 billion of funds, including £1.7 billion
managed by Rathbone Unit Trust Management Limited (as at 5 April
2008).
Headquartered in London, Rathbones has UK offices in Bristol, Cambridge, Chichester, Edinburgh, Exeter, Liverpool, London and Winchester. It has overseas offices in Jersey, Geneva, Singapore and the BVI and will open in Aberdeen and Birmingham in summer 2008.