The London-listed wealth management house managed a £6.6 million increase in net income over the three months to the end of September while its fund pool was hit by unsettled markets.

The UK's  Rathbone Brothers pushed its net operating income up 13.5 per cent to £55.6 million ($86 million) over the quarter to the end of September despite a dip in its funds under management.

Total funds under management fell 2.5 per cent £28.3 billion at the end of June to £27.6 billion at the end of September, which Rathbones attributed to recent “subdued investment markets”. It compared the fall to that of 7 per cent logged by the FTSE 100 Index and of 3.8 per cent in the FTSE WMA Balanced Index over the same period. 

Earlier this month, the wealth manager agreed to purchase the remaining stake in Vision Independent Financial Planning and Castle Investment Solutions, having acquired 19.9 per cent of the Vision Group three years ago.

“Although our outlook remains cautious in light of recent markets, our agreement in early October to purchase the remaining 80.1 per cent of the Vision group is an example of the investment we continue to make to take advantage of future growth opportunities,” said Rathbones' chief executive, Philip Howell.

Funds under management in Rathbone Unit Trust Management rose 3.7 per cent to £2.8 billion over the third quarter, while net inflows reached £99 million. Meanwhile, net interest income stood at £2.7 million, up from £2.3 million a year ago.