LONDON (ShareCast) - (Sharecast News) - Rathbones Group saw a spike in withdrawals around the Budget, the wealth and asset manager said on Thursday, offsetting discretionary inflows.
Updating on trading, the FTSE 250 firm said outflows of £3.4bn in three months to December end had been "partly elevated by a short-term increase" in withdrawals of funds by existing clients around the autumn Budget.

That offset gross inflows of £3.2bn, which had been boosted by "particularly strong" discretionary inflows.

Funds under management and administration, meanwhile, for the year to 31 December totalled £109.2bn, compared to £105.3bn a year previously.

Within that, £93.4bn was in the wealth management segment, and £15.8bn in asset management.

The London-based firm, which is due to publish full-year results on 26 February, added that it had made "substantial progress" in the integration of Investec Wealth and Investment.

Rathbones agreed in September 2023 to join forces with Investec's UK wealth arm.

It said the client consent process was "well-progressed, with very encouraging responses". Client migration onto a signal operating platform is due to complete in the first half of 2025.

Rathbones said: "Our combined business offers the strength and resilience to manage through challenging market conditions, providing a personalised service that ensures clients benefit from disciplined, long-term investment strategies and advice tailored to their specific financial goals.

"Our priorities for 2025 include completing the migration of IW&I clients while adding marketing and distribution capability to support organic growth opportunities."

As at 1115 GMT, shares in Rathbones were down 2% at 1,648p.

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