Rathbones Group Plc
Funds under management and administration update and notice of results
Rathbones Group Plc ("Rathbones") announces a funds under management and administration (FUMA) update for the year ended 31 December 2021.
- Total FUMA at 31 December 2021 were £68.2 billion, up 24.7% from £54.7 billion at 31 December 2020, reflecting continuing net inflows, positive market movement and the acquisition of Saunderson House Limited.
- £50.3 billion in the Investment Management business was up 12.0% from £44.9 billion at 31 December 2020. The MSCI PIMFA Private Investor Balanced Index increased 10.3% over the year.
- £13.0 billion in Rathbone Funds was up 32.7% from £9.8 billion at 31 December 2020, reflecting very strong net inflows.
- £4.9 billion of Saunderson House FUMA following completion of acquisition in October 2021.
- The Investment Management business recorded strong gross inflows of £4.5 billion for the full year (2020: £3.9 billion). Net organic inflows for the year totalled £0.8 billion (2020: £nil). Total net inflows of discretionary FUMA in the year were £1.2 billion (2020: £0.9 billion), which represents a net growth rate of 2.8% (2020: 2.2%).
- Rathbone Funds recorded £4.4 billion gross inflows for the full year (2020: £3.6 billion). Net inflows totalled £2.1 billion for the year (2020: £1.5 billion) representing an organic growth rate of 21.1% (2020: 20.1%).
Outlook
Rathbones remains in a strong position to continue delivery of strategic initiatives, secure the delivery of our ambitions for Saunderson House, and explore further opportunities to drive growth.
Notice of results
Our preliminary statement of annual results for the year ended 31 December 2021 will be published on Thursday, 24 February 2022. A presentation to analysts will be held on the same day.
Funds under management and administration (FUMA)
|
| 3 months ended |
| Year ended | ||
|
| 2021 | 2020 |
| 2021 | 2020 |
|
| £m | £m |
| £m | £m |
| (i) Rathbone Investment Management |
|
|
|
|
|
| Opening FUMA (1 October / 1 January) | 48,759 | 41,763 |
| 44,912 | 42,965 |
| Total inflows | 1,043 | 915 |
| 4,544 | 3,915 |
| Organic new business | 1,001 | 849 |
| 4,415 | 3,329 |
| Acquired new business1 | 42 | 66 |
| 129 | 586 |
| Outflows | (956) | (965) |
| (3,618) | (3,308) |
| Market effect and investment performance | 1,406 | 3,199 |
| 4,414 | 1,340 |
| Closing FUMA (31 December)2 | 50,252 | 44,912 |
| 50,252 | 44,912 |
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|
|
|
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| Annualised rate of net organic growth | 0.4% | (1.1%) |
| 1.8% | 0.1% |
| Total annualised net organic and acquired growth | 0.7% | (0.5%) |
| 2.1% | 1.4% |
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|
| (ii) Rathbone Funds |
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| Opening FUM (1 October / 1 January) | 12,143 | 8,730 |
| 9,820 | 7,438 |
| Inflows | 1,089 | 1,024 |
| 4,359 | 3,574 |
| Outflows | (606) | (474) |
| (2,283) | (2,076) |
| Market effect and investment performance | 364 | 540 |
| 1,094 | 884 |
| Closing FUM (31 December) | 12,990 | 9,820 |
| 12,990 | 9,820 |
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| Annualised rate of net organic growth | 15.9% | 25.2% |
| 21.1% | 20.1% |
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| (iii) Total Group FUMA |
|
|
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| Rathbone Investment Management Gross FUMA |
|
|
| 52,935 | 47,075 |
| Of which: discretionary wrapped funds3 |
|
|
| (2,683) | (2,163) |
|
|
|
|
| 50,252 | 44,912 |
| Rathbone Funds |
|
|
| 12,990 | 9,820 |
| Saunderson House |
|
|
| 4,917 | - |
| Closing FUM (31 December) |
|
|
| 68,159 | 54,731 |
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1 Acquired new business is defined as corporate or team acquisitions.
2 Includes Greenbank funds of £2.3 billion (31 December 2020: £1.9 billion) and funds managed with a charitable mandate of £7.1 billion (31 December 2020: £6.5 billion).
3 Holdings of our own funds within Rathbone Investment Management portfolios and funds where the management of the assets is undertaken by Rathbone Investment Management teams.
Investment Management: Service level breakdown of FUMA
|
| 31 December 2021 | 31 December 2020 | 2021 Net in/(out)flow5 | 2020 Net in/(out)flow5 | ||
|
| £m | £m | £m | % | £m | % |
| Direct | 37,738 | 33,678 | 571 | 1.7% | 761 | 2.5% |
| Financial Adviser linked | 10,988 | 9,347 | 616 | 6.6% | 119 | 1.4% |
| Total Discretionary FUMA | 48,726 | 43,025 | 1,187 | 2.8% | 880 | 2.2% |
| Non-Discretionary Investment Management | 1,026 | 1,392 | (160) | (11.5%) | (100) | (4.0%) |
| Execution Only | 3,182 | 2,658 | (101) | (3.8%) | (173) | (7.2%) |
| Gross Rathbone Investment Management FUMA | 52,935 | 47,075 |
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| Discretionary wrapped funds4 | (2,683) | (2,163) |
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| Total Investment Management FUMA | 50,252 | 44,912 | 926 | 2.1% | 607 | 1.4% |
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4 Holdings of our own funds within Rathbone Investment Management portfolios and funds where the management of the assets is undertaken by Rathbone Investment Management teams.
5 Excludes intra-service level transfers and market effect and investment performance.
11 January 2022
For further information contact:
Rathbones Group Plc
Paul Stockton, Chief Executive
Jennifer Mathias, Group Finance Director
Shelly Patel, Head of Investor Relations
Tel: 020 7399 0071
email: shelly.patel@rathbones.com
Camarco
Ed Gascoigne-Pees
Julia Tilley
Tel: 020 3757 4984
email: ed.gascoigne-pees@camarco.co.uk
Rathbones Group Plc
Rathbones provides individual investment and wealth management services for private clients, charities, trustees and professional partners. We have been trusted for generations to manage and preserve our clients' wealth. Our tradition of investing and acting responsibly has been with us from the beginning and continues to lead us forward. Our ambition is to be recognised as the UK's most responsible wealth manager.
Rathbones has over 1,900 staff in 15 UK locations and Jersey; its headquarters is 8 Finsbury Circus, London.
www.rathbones.com
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