The firm also reported profit in its unit and investment management segments.

UK wealth manager Rathbone Brothers has logged an underlying profit before tax increase of 16.8 per cent from £74.9 million in 2016 to £87.5 million, for the year ending 31 December 2017. 

The firm’s underlying profit margin stood at 30.6 per cent compared to 29.8 per cent in 2016. Funds under management reached £39.1 billion in 2017, up 14.3 per cent from £34.2 billion at the end of 2016. 

Rathbone’s unit trust business reached a milestone of £5.3 billion, up 32.5 per cent from last year. Underlying operating income in unit trusts was £31.4 million in the year, an increase of 25.6 per cent from £25 million in 2016.

The firm’s investment management arm reported underlying operating income of £254.6 million for the year (2016: £226.3 million), which was up 12.5 per cent. It said it was driven by higher investment markets and continued organic and acquired growth in all business areas.

“The UK wealth management industry continues to evolve, driven by client needs, regulation, demographics, technological innovation and a changing competitive landscape,” said Mark Nicholls, chairman.

“We remain committed to growing the business both organically, via disciplined investment, and inorganically via acquisitions that not only fit our strategic and financial criteria and but also share our culture and values. Notwithstanding some caution, which naturally emerges at a time of high investment markets and political uncertainty, we enter 2018 well positioned to provide long-term value for shareholders.”