Rathbone Brothers said its total funds under management stood at £19.6 billion ($30.2 billion) at the end of the first quarter, an 8.9 per cent rise from £18.0 billion at 31 December 2012.

The UK-listed firm said the AuM increase compares with an increase of 6.0 per cent in the FTSE 100 Index of blue-chip equities and a rise of 6.2 per cent in the FTSE APCIMS Balanced Index over the same period.

Growth in total funds under management has continued since 5 April 2013 and on 30 April 2013 total funds under management were £20.1 billion, including £339 million from the acquisition of Taylor Young's private client business, the firm said today in a statement.

Total net growth of funds under management in Rathbones' core Investment Management business was £368 million, representing a total net annualised growth rate of 8.8 per cent, up from 8.1 per cent in 2012.

Net operating income in the Investment Management business of £41.6 million (2012: £37.9 million) was up 9.8 per cent year on year in the first three months of 2013.

Commission income was strong, reflecting market movements and normal seasonal patterns in the run up to the end of the 2012/13 tax year, the firm said.

However, net interest income - £2.1 million in the first three months of 2013 - was 19.2 per cent lower than in the same period a year before, largely as a result of lower yields on treasury assets which are expected to continue.