Rathbone Brothers, the UK-listed wealth manager, said pre-tax profit in 2012 fell 1 per cent year-on-year to £38.8 million ($59.9 million), while assets under management rose by 13.4 per cent to £17.98 billion.

Rathbone Brothers, the UK-listed wealth manager, said pre-tax profit in 2012 fell 1 per cent year-on-year to £38.8 million ($59.9 million), while assets under management rose by 13.4 per cent to £17.98 billion over the period.

“After a challenging 2012 UK equity markets ended the year on a more positive note and this has continued into 2013. Rathbones looks forward to 2013 with more optimism although markets do remain fragile as governments, particularly in the US, the UK and the eurozone, battle with difficult economic and financial conditions,” Andy Pomfret, chief executive at the firm, said in a statement today.

The firm also announced that Philip Howell, former CEO at Williams de Broë, will join the business on 3 March in the role of deputy chief executive.

Rathbone Brothers said its gain in assets under management outperformed broader measures of market gains last year. Over the same period, the FTSE 100 Index of blue-chip equities and the FTSE APCIMS Balanced Index increased by 5.9 per cent and 5.8 per cent respectively.

The total net annual growth rate of funds under management for Rathbone Investment Management, part of Rathbones, was 6 per cent (2011: 8 per cent). This comprised £480 million of acquired inflows (2011: £310 million) from new investment teams and private client acquisitions of RM Walkden & Co in April 2012 and AIB Jersey in October 2012, and £440 million of net organic growth (2011: £790 million).

Rathbones’ board recommended a 30p final dividend for 2012 (2011: 29p), making a total of 47p for the year.