Wealth manager Rathbone Brothers has provided a solid quarterly trading update on Wednesday with funds under management (FuM) slightly up on the same period in the prior year.
Total FuM for the nine months to September 30th were £17.35bn (2011: £15.05bn), with net operating income increasing to £116m (2011: £108.7m) for the period.
Underlying net operating income of £109.4m in Rathbone Investment Management for the nine months ended September 30th was 7.9% higher than 2011.
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Net interest income of £7.6m in the first nine months of 2012 was in line with the same period in 2011. The company commented: "Pressure on interest margins is expected to continue into 2013".
"We expect markets to remain challenging for the remainder of 2012 reflecting a weak outlook for global growth and continuing nervousness over the future of the eurozone," said Chief Executive Officer Andy Pomfret.
"Despite this, we will continue to invest and grow as a leading provider of high-quality personalised discretionary investment management services in the post RDR world."
Shares were up 0.84% at 1,318p by 10:26 on Wednesday.
CM
