Total funds under management at Rathbone Brothers ended 2012 at £17.98 billion (about $28.9 billion), up £2.13 billion or 13.4 per cent from the £15.85 billion logged at end-December 2011. 

Funds managed by Rathbone Investment Management, the firm's private client arm, totalled £16.71 billion at the end of 2012, up 13.2 per cent from £14.76 billion in the previous year. 

But the total annualised rate of net inflows lost pace over those 12 months, slowing to 6.2 per cent from 7.5 per cent. The underlying annualised rate of net organic growth in funds under management was 3 per cent for the year ended 31 December 2012, down from 5.4 per cent in 2011.

Rathbones said that after a "challenging" 2012, UK equity markets finished on a more positive note. While the firm said it has entered the new year with greater optimism, markets “do remain fragile” as governments - particularly of the US, UK and eurozone - face a challenging economic and financial environment, it said in its latest trading update.

Rathbones provides discretionary fund management and wealth management services for private investors, charities and trustees.