Rathbones sees AUM hit £20bn mark

Rathbones has seen its funds under management swell to more than £20bn, helped by its recent acquisition in the private client space.

According to the group's interim results, total funds under management rose 8.9% to £19.6bn in the first quarter. The acquisition of Taylor Young's private client business added £339m to FUM, taking the total to £20.1bn by the end of April. Total net growth of FUM in the investment management business was £368m, representing a total net annualised growth rate of 8.8%, compared to 8.1% the previous year. Acquired inflows of £208m in the first quarter included £129m from the Taylor Young deal. Net organic growth in the division was £160m for the quarter, an annualised growth rate of 3.8...