Rathbones Group (RAT)

Sector:

Financials

Index:

FTSE 250

1,548.00p
   
  • Change Today:
      24.00p
  • 52 Week High: 2,005.00
  • 52 Week Low: 1,458.00
  • Currency: UK Pounds
  • Shares Issued: 90.62m
  • Volume: 119,977
  • Market Cap: £1,402.86m
  • RiskGrade: 130

Rathbones confident in full-year amid volatile markets

By Josh White

Date: Wednesday 19 Oct 2022

LONDON (ShareCast) - (Sharecast News) - Rathbones Group reported total funds under management and administration of £57.9bn at the end of its third quarter on Wednesday - down from £58.9bn quarter-on-quarter, and £68.2bn at the end of 2021.
The FTSE 250 firm said £43.1bn of that was in the investment management business compared to £43.8bn at the end of the prior quarter, while £10.6bn was in the Rathbone Funds business, down from £10.9bn, and £4.2bn was in Saunderson House, which was unchanged over the three months.

Discretionary and managed net inflows were described as "resilient" at £0.4bn in the three months ended 30 September, down from £0.6bn a year earlier, and representing an annualised growth rate of 3.3%, down from 4.8%.

Discretionary service net inflows totalled £0.3bn, compared to £0.5bn year-on-year.

Net inflows into Rathbones' multi-asset fund range were said to be "strong", totalling £0.1bn and equating to annualised net growth for the period of 17.4%.

Despite continued market volatility and "significant" outflows across the wider asset management industry, net outflows in the firm's single-strategy fund range remained low at £0.1bn in the quarter, swinging from net inflows of £0.4bn in the same period last year.

The board said the integration of Saunderson House was progressing well, with new propositions launched during the quarter, and net outflows of £0.1bn in line with expectations.

Underlying net operating income was £113m for the three months ended 30 September - an increase of 6.2% year-on-year.

Investment management fees slipped to £67.5m from £72.8m, reflecting lower funds under management and administration, while commission income rose 12% to £12.1m on the back of increased trading volumes amid market volatility.

Net interest income increased "materially", the board said, to £5.6m from £0.9m year-on-year, reflecting UK base rate rises during the year to date.

Fees from advisory services and other income increased to £12.4m from £4.9m, which the board put down to organic growth and the impact of the Saunderson House acquisition.

Income in Rathbone Funds, which accrues daily, totalled £15.4m in the period, down from £17m in the third quarter of 2021.

"Despite challenging investment markets Rathbones has delivered a resilient quarter, with annualised discretionary and managed net organic growth of 3.3% and overall group investment performance that compares well against industry benchmarks," said chief executive officer Paul Stockton.

"Market movements in investment values to 30 September adversely impacted total funds under management and administration, however, which fell 1.7% in the quarter to £57.9bn, against the MSCI PIMFA Private Investor Balanced Index, which fell 3.5% over the same period."

Stockton said the company was placing a high priority on "engaging meaningfully" with clients, both face-to-face and digitally, and was on-track to deliver the first phase of its planned InvestCloud and Charles River implementations by the end of the year.

"Rathbones is well-positioned to take advantage of the future growth opportunities that can arise both during and after periods of investment market volatility."

Rathbones said it would announce its full-year results for the 12 months ending 31 December on 1 March.

At 0938 BST, shares in Rathbones Group were down 0.67% at 1,780p.

Reporting by Josh White at Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Rathbones Group Market Data

Currency UK Pounds
Share Price 1,548.00p
Change Today 24.00p
% Change 1.57 %
52 Week High 2,005.00
52 Week Low 1,458.00
Volume 119,977
Shares Issued 90.62m
Market Cap £1,402.86m
RiskGrade 130

Rathbones Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
3.05% above the market average3.05% above the market average3.05% above the market average3.05% above the market average3.05% above the market average
65.71% below the sector average65.71% below the sector average65.71% below the sector average65.71% below the sector average65.71% below the sector average
Price Trend
33.14% below the market average33.14% below the market average33.14% below the market average33.14% below the market average33.14% below the market average
17.24% below the sector average17.24% below the sector average17.24% below the sector average17.24% below the sector average17.24% below the sector average
Income
81.57% above the market average81.57% above the market average81.57% above the market average81.57% above the market average81.57% above the market average
54.55% above the sector average54.55% above the sector average54.55% above the sector average54.55% above the sector average54.55% above the sector average
Growth
30.64% below the market average30.64% below the market average30.64% below the market average30.64% below the market average30.64% below the market average
6.54% below the sector average6.54% below the sector average6.54% below the sector average6.54% below the sector average6.54% below the sector average

What The Brokers Say

Strong Buy 2
Buy 2
Neutral 3
Sell 2
Strong Sell 0
Total 9
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Rathbones Group Dividends

  Latest Previous
  Final 2nd Interim
Ex-Div 18-Apr-24 19-Sep-23
Paid 14-May-24 11-Oct-23
Amount 24.00p 34.00p

Trades for 28-Mar-2024

Time Volume / Share Price
16:37 31,127 @ 1,548.00p
16:40 4,237 @ 1,548.00p
16:37 14,279 @ 1,548.00p
16:35 88 @ 1,548.00p
16:35 73 @ 1,548.00p

Rathbones Group Key Personnel

CEO Paul Stockton
CFO Iain Hooley

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