Rathbones reports 13.5% income jump despite slowing inflows

Investment management arm saw flows drop

Rathbone Brothers reported a 13.5% jump in net operating income in the third quarter despite a reduction in flows in the group's investment management arm in a period of "subdued investment markets".

Net operating income for the group was £55.6m for the three months to 30 September, a 13.5% increase on the £49m reported for the same period last year. However, the group's overall funds under management (FUM) fell from £28.3bn at the end of June to £27.6bn, a reduction of 2.5%. Rathbones' Webb: Advisers must beware 'tremendous herding' Although its asset management division saw little change in flows, its investment management arm saw a significant slowing in fund flows with £794m of inflows for the quarter, compared to £2.8bn for the same period last year. However, last year's fi...