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Rathbones Group PLC (RAT)
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Rathbones funds and income down after quarter of "market volatility"
(Alliance News) - Rathbones Group PLC on Thursday said funds under management & administration, inflows and other figures declined in the first quarter, which saw "considerable market turbulence".
Shares in Rathbones were down 1.8% at 1,610.00 pence in London on Thursday afternoon.
FUMA totalled GBP104.05 billion at March 31, down 4.7% from GBP109.16 billion at December 31, which "reflected market volatility".
Gross inflows for the quarter ended March 31 decreased to GBP2.7 billion from GBP3.2 billion in the fourth quarter, while outflows rose to GBP3.5 billion from GBP3.4 billion.
Net inflows for RIM discretionary & managed propositions "remained positive" at GBP62 million, down on-quarter from GBP395 million, while net outflows in Investec Wealth & Investment UK "remained consistent" by rising to GBP425 million from GBP409 million.
Single strategy funds within the Asset Management segment saw net outflows increase to GBP265 million from GBP98 million, as Asset Management "was already facing a challenging market for active managers" and the funds "were further affected by recent market turmoil".
Rathbones said its total operating income "remained resilient" despite "the challenging market backdrop" at GBP220.1 million for the quarter, down 1.6% from GBP223.6 million.
"While there was a decline in fee-based income, this was primarily driven by market volatility at the time of client billing," the London-based investment and wealth manager explained.
Rathbones will announce its first-half results on July 30.
"Rathbones reached a major milestone in April 2025, successfully migrating 90% of Investec Wealth & Investment client accounts onto the Rathbones platform," commented Group Chief Executive Officer Paul Stockton. "This marks significant progress in the integration of IW&I and, while there is still work to do, the group remains on track to complete the migration of remaining clients by the end of the second quarter as planned.
"In a quarter that witnessed some considerable market turbulence, the group saw net outflows, primarily due to a lower level of gross inflows as the final stages of the migration process impacted IW&I in particular," he continued. "Rathbones Asset Management's single strategy funds and multi-asset funds saw elevated outflows as a result of ongoing market volatility. This reflected the broader industry trend of weaker flows into equity, fixed interest and multi-asset funds, with flows leaning more towards money-market funds in the quarter."
By Emma Curzon, Alliance News reporter
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