LONDON (dpa-AFX) - Rathbone Brothers Plc (RAT.L), a provider of investment and wealth management services, reported Thursday that its total funds under management and administration as of December 31, 2018 were 44.1 billion pounds, up 12.8% from 39.1 billion pounds as of December 31, 2017.
In its trading update for the final quarter, the company said its results reflected weaker investment markets, while total year end funds under management and administration benefited from the recent acquisition of Speirs & Jeffrey.
Net inflows across the group in 2018 totaled 8.5 billion pounds, up from 2.1 billion pounds.
Funds under management and administration in Investment Management were 38.5 billion pounds as of December 31, 2018, up 13.9% from the prior year.
In the fourth quarter, funds under management and administration in Investment Management decreased 6.8% to 38.5 billion pounds primarily reflecting weaker investment markets.
Regarding Speirs & Jeffrey, the company said work to meet operational performance targets is proceeding well such that the payment of contingent share consideration of 0.6 million new Rathbones shares is now expected to be made in the second quarter of 2019 rather than by December 2019 as previously anticipated.
Looking ahead, the company noted that whilst market conditions can reasonably be expected to be volatile in 2019, it will continue to invest selectively for the longer term in the skills and infrastructure necessary to improve operational efficiency.
The company will issue its preliminary annual results for the year 2018 on February 21.
Copyright RTT News/dpa-AFX