Rathbones AUM grows but profits hit by £3.6m FSCS levy

Rathbones saw an increase in assets under management to £15bn in the year to December 2010, but profits were hit by a £3.6m FSCS levy.

The group's pre-tax profit increased 2% to £30.1m over the reporting period, and basic earnings per share rose 6.2% to 49.8p. Total funds under management for the whole group were £15.63bn at the end of 2010, marking almost a 20% increase from the previous year. Rathbone Unit Trust Management saw its AUM climb 10.6% to £1.04bn, and posted pre-tax profit of £500,000, compared to £100,000 in 2009. The board expects to pay a final dividend of 28p per share, making a total dividend for the year of 44p. The group says net redemptions from funds continued for most of 2010, but slowed ...