London-listed Rathbone Brothers said today its total funds under management stood at £22.0 billion ($36.7 billion) at 31 December last year, a rise of 22.2 per cent from a year before.

London-listed Rathbone Brothers said today its total funds under management stood at £22.0 billion ($36.7 billion) at 31 December last year, a rise of 22.2 per cent from a year before, a rise that beat the rally in the FTSE 100 Index of stocks (14.4 per cent), for example.

The total net annual growth rate of funds under management for Rathbone Investment Management was 9.0 per cent, faster than the 6.2 per cent rise in 2012. This comprised £600 million of acquired inflows (2012: £500 million), including £400 million following the completion of the acquisition of Taylor Young Investment Management’s private client base, and £900 million of net organic growth.
The underlying rate of net organic growth increased to 5.4 per cent in 2013 (2012: 3.0 per cent).

Underlying profit before tax (excluding amortisation of client relationship intangible assets and, in 2012, head office relocation costs) rose by 12.7 per cent to £50.5 million from £44.8 million. Basic underlying earnings per share increased by 12.0 per cent to 86.7p (2012: 77.4p).

Profit before tax was £44.2 million for the year, an increase of 14.8 per cent, compared to £38.5 million in 2012.

Rathbones’ board has recommended a 31p final dividend for 2013 (2012: 30p), making a total of 49p for the year.

Among other details, the firm said net operating income in Rathbone Investment Management was £165.3 million last year, up 12.7 per cent.

As announced originally last year, Andy Pomfret is retiring as chief executive; the new CEO is Philip Powell, who takes up the post on 1 March. Howell joined Rathbones in March last year having most recently served as chief executive of London firm Williams de Broe (part of the Investec Group).