Rathbone Brothers, the UK-listed wealth management and investment house, logged pre-tax profits of £19.9 million ($30.9 million) for the six months ended 30 June, a drop of 3.4 per cent from a year before.

Underlying profit before tax (excluding amortisation of client relationship intangible assets and head office relocation costs) fell by 4.1 per cent from £24.2 million to £23.2 million.

Total funds under management rose 5 per cent from the end of last year to £16.65 billion at end-June. This compares with a flat FTSE 100 Index of equities over that period, and a rise of 1.6 per cent in the FTSE APCIMS Balanced Index.

Total net organic and acquired growth in the funds managed by Rathbone Investment Management was £497 million in the first six months of 2012, representing a net annual growth rate of 6.7 per cent (2011: 8.4 per cent).