Rathbones nears £20bn AUM milestone after H1 profit growth

Rathbones' pre-tax profit for the first six months of 2013 rose 17% as the group's total funds under management near the £20bn mark.

The group said pre-tax profit for the first half rose by 17.2% to £23m, with funds under management rising 10.6% to £19.9bn over the period. That rise was driven by net organic growth of £327m in the investment management business, coupled with £358m gained following the acquisition of the Taylor Young Investment Management client base. Rathbone Unit Trust Management recorded its 11th consecutive quarter of net inflows, which stood at £67m for the first half to take FUM to £1.44bn. Net fee income for the wider group, meanwhile, rose 14.5% to £54.5m due to higher markets and "contin...