Speirs & Jeffrey deal gives Rathbone a boost

Wealth manager Rathbone Brothers said third quarter funds under management rose 18.5% to £47.3bn, boosted by the acquisition of Speirs & Jeffrey as net operating income increased by 14%.

The purchase of Scotland-based investment manager Speirs & Jeffrey contributed £6.7bn to funds under management. Net operating income rose to £80.3m from £70.5m a year earlier.

Excluding the acquisition, funds under management grew 1.8% compared to the second quarter.

Funds under management in unit trusts were £6bn, up 3.4% quarter-on-quarter.

“Net inflows for the quarter were £121m compared to £342m a year ago, reflecting a more difficult trading environment for asset management generally,” the company said.