Rathbone unit trusts suffer £230m net outflow in '09

Rathbone Unit Trust Management suffered a £230m net outflow in 2009, taking its total funds under management down to £940m at 31 December.

Andy Pomfret, Rathbone Brothers chief executive, attributed the decline to a period of poor performance for the group. He says the retail business continued to experience net outflows, primarily in the first half of 2009. Carl Stick's Rathbone Income fund reduced in size from £544m to £503m over the twelve months, despite the vehicle climbing 23.5% over the period. "Towards the end of 2009 we have seen some signs of improvement, although it will take a while to rebuild momentum," Pomfret says. "Mike Webb joined us in February 2010 and will be taking over as chief executive of Rathb...