Fund manager Rathbone Brothers PLC (RAT.LN) Wednesday reported a 7.3% rise in assets under management over the first quarter to GBP14.1 billion, after benefiting from a deal to take on rich clients of Lloyds Banking Group PLC (LLOY.LN).

Rathbone acquired GBP1.27 billion of funds under management from Bank of Scotland in October 2009.

It also agreed to act as investment manager to clients of Bank of Scotland and parent Lloyds with more than GBP2 million to invest.

It said Wednesday the transaction has brought it roughly 3,000 new customers so far.

Rathbone said investors pumped GBP579 million into its funds during the three months to March 31, including GBP241 million into funds acquired after the Bank of Scotland deal.

Rising markets added another GBP616 million to assets under management, it said.

In total, assets under management, including unit trusts, increased to GBP14.1 billion at March 31 from GBP13.1 billion at Dec. 31, 2009, Rathbone said.

Company Web site: www.rathbones.com

-By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com
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