LONDON (dpa-AFX) - Rathbone Brothers Plc. (RAT.L) reported Thursday that its underlying operating income for the first quarter declined 0.8 percent to 84.6 million pounds from 85.3 million pounds in the year-ago period.
Income in Investment Management declined 2.2 percent from the year-ago period to 74.9 million pounds, while Investment Management fees were down 9.7 percent. Commissions increased 29.0 percent, driven by high trading volumes throughout the quarter.
Total funds under management and administration were 42.6 billion pounds at the end of the first quarter, down 15.4 percent from 50.4 billion pounds at 31 December 2019.
Funds under management in Unit Trusts declined 9.0 percent to 6.8 billion pounds at 31 March 2020 from 7.4 billion pounds at 31 December 2019. Funds under management in the Investment Management business declined 16.5 percent to 35.9 billion pounds from 43.0 billion pounds at 31 December 2019.
Total net inflows in the quarter were 0.7 billion pounds, compared to 0.2 billion pounds in the year-ago quarter.
Looking ahead, the company said it started the second quarter well, with total net organic inflows during April 2020 of 0.4 billion pounds.
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