UK-listed wealth management firm Rathbone Brothers has reported a 4 per cent rise in operating income for the first quarter of this year compared with the same period a year ago. Meanwhile, the London-based company announced it was opening an office in Birmingham, in the UK’s west Midlands, for the first time. Rathbone logged operating income of £38.7 million ($59.3 million) in Q1, compared with £37.2 million a year before. Total funds under management, however, fell by 5.3 per cent between 31 December 2007 and 5 April 2008 to £12.42 billion, Rathbone said, which was slightly lower than the 7.9 per cent drop in the FTSE 100 index of UK blue-chip stocks over the same period. Commenting on its Birmingham office, Rathbone said its investment directors Mark Atherton and Daniel Faulkner are spearheading the move, having joined the firm from Citi Quilter. Investment manager Sally-Ann Gallier has also been hired from Barclays Wealth to join the team. "There are few truly independent, British private client investment management firms of any real size left, many of our competitors having passed into the hands of large international banks. Many private clients have borne the brunt of associated staff movements and service and fee changes. We hope that the quality and stability of the Rathbone name will attract investment professionals and clients alike in Birmingham and the surrounding area," said Mark Atherton.