Rathbones profits climb 30%

A marked rise in net fee income in its investment management division helped Rathbone Brothers post a 30% increase in profits in 2011.

Fee income at Rathbone Investment Management, which provides discretionary portfolio management services and a range of multi-asset funds, was £80.1m last year, up from £66.5m in 2010. It helped the wealth management group post a profit before tax of £39.2m, an increase of 30% on the previous year's £30.1m. Underlying profit before tax, which excludes gains on disposal of financial securities, office relocation costs and exceptional Financial Services Compensation Scheme levies, increased to £46.2m from £38.5m. Total funds under management were £15.85bn at 31 December 2011, up 1.4%...