Rathbones FUM drops 3.3% during tough Q1

In line with indices

Rathbone Brothers suffered a fall in funds under management during Q1 this year as markets also fell, although "solid" trading led to a rise in net operating income.

FUM fell from £39.1bn to £37.8bn between the start of the year and the end of March, representing a decrease of 3.3%. However, chief executive Philip Howell said this compared with a difficult period for markets, with falls of 6.4% and 3.8% in the FTSE 100 and MSCI WMA Private Investor Balanced indices respectively during the three months. Total net organic and acquired growth in investment management was £199m during the quarter, lower than last year's Q1 figure of  £318m. This represents a total net annualised growth rate of 2.4% compared to 4.2% in Q1 2017.  Rathbones warns of p...