Rathbones unit trust redemptions slow to £41m

Rathbone Unit Trust Management has continued to suffer redemptions from investors over the first half of the year, with the group posting a £41m net outflow.

The unit trust business of Rathbone Brothers has been able to slow the outflow pressure however, with the figure much improved on the £180m stripped from the group's funds in the corresponding period of 2009. Under the new management of industry veteran Mike Webb, the group has improved its pre-tax profits to £465,000. This is up from £148,000 profit for the second half of 2009 and the £339,000 loss in H1 last year. Funds under management at Rathbone Unit Trust Management now sits at £877m. Rathbone Brothers CEO Andy Pomfret says Webb has made a positive start to his tenure as chie...