Rathbones sees profits soar by 30%

Rathbone Brothers has reported a pre-tax profit of £20.6m for the first six months of 2011, up 30.4% year-on-year.

The figure, up from £15.8m reported in the six months to 30 June 2010, was accompanied by an 18.5% rise in net operating income over the same period, from £62m to £73.5m. Funds under management also rose from £15.6bn at 31 December 2010 to £16.4bn at 30 June 2011. Rathbone Unit Trust Management saw net inflows of £38m in the first half of the year, versus net redemptions of £41m in the first half of 2010, bringing total FUM to £1.1bn. "The first half of 2011 has been positive for Rathbones as investment markets have remained resilient and we have seen the full benefit of recent acquis...