Liverpool wealth management firm Rathbones sees funds under management slip to £57.9bn due to a fall in the value of its investments. Tony McDonough reports

Wealth management firm Rathbones says funds under management at September 30 stood at £57.9bn.

This was down from the £58.9bn at June 30 and the £68.2bn reported at December 31, 2021. Rathbones, which is based at the Port of Liverpool Building, said this due to a fall in the value of its investments. However, it still outperformed its benchmark index.

Rathbones was established as a timber merchant business by the Rathbone family in the 1720s. Subsequent generations took the family business into shipping and overseas trade before moving into managing money at the beginning of the 20th century.

Listed on the stock exchange, the company’s latest update covers trading in the third quarter of its fiscal year to September 30.

Paul Stockton, group chief executive of Rathbones, said: “Despite challenging investment markets Rathbones has delivered a resilient quarter, with annualised discretionary and managed net organic growth of 3.3% and overall group investment performance that compares well against industry benchmarks.

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“Market movements in investment values to 30 September 2022 adversely impacted total funds under management however, which fell 1.7% in the quarter to £57.9bn against the MSCI PIMFA Private Investor Balanced Index, which fell 3.5% over the same period.

“We continue to place a high priority on engaging meaningfully with our clients, both face-to-face and digitally, and are on track to deliver the first phase of our planned InvestCloud and Charles River implementations by the end of 2022.

“Rathbones is well-positioned to take advantage of the future growth opportunities that can arise both during and after periods of investment market volatility.”