LONDON (ShareCast) - (Sharecast News) - Analysts at Berenberg raised their target price on investment bank Rathbone Brothers from 2,100.0p to 2,170.0p on Friday after the firm's third-quarter results came in ahead of estimates at the funds under management level.
Berenberg stated Rathbones had posted an inline set of revenues, with continued margin enhancement from its recent acquisition of Speirs & Jeffrey.

The German bank highlighted that Rathbones registered gross inflows of £1.1bn in the third quarter, up 27% year-on-year, while net organic inflows continued to be "strongly positive" at £563.0mm, up 43% year-on-year. Overall funds under management in its funds business came to £12.1bn, up 23% year-on-year.

Berenberg also noted that Rathbones' management was focused on four key points - enriching its client and advisor proposition, supporting and developing growth, inspiring employees, and operating more efficiently.

"We view this framework as key to enhancing the sustainable profitability of the business," said the analysts.

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