Rathbones Group
Plc
fourth QUARTER
UPDATE
Funds
under management and administration (FUMA) update for the year
ended 31 December 2024 and notice of results
- Funds
under management and administration (FUMA) totalled £109.2 billion
at 31 December 2024 (30 September 2024: £108.8 billion, 31 December
2023: £105.3 billion).
- £93.4
billion in the Wealth Management segment (£99.3 billion prior to
the elimination of Wealth Management FUMA invested in the Asset
Management segment of £5.9 billion).
- £15.8
billion in the Asset Management segment.
- The
group posted record gross inflows of £3.2 billion in Q4 (Q3 2024:
£2.8 billion) supported by particularly strong discretionary
inflows, offset by outflows of £3.4 billion (Q3 2024: £3.4 billion)
which were partly elevated by a short-term increase in withdrawals
of funds by existing clients around the UK Autumn
Budget.
- Total
net flows in Rathbones Investment Management discretionary &
managed propositions were stronger at £0.4 billion (Q3 2024: £0.1
billion) reflecting extensive client engagement in a turbulent
quarter. Net flows represent an annualised growth rate of 2.9% for
the quarter and 2.0% for the year ended 31 Dec 2024 (2023:
1.5%).
- Outflows relating to previous Investec Wealth & Investment
(IW&I) investment manager departures reduced materially in Q4
to their lowest level for the year. Investment manager turnover
since the announcement of the combination remains low. Gross
inflows however continued to be impacted by
investment teams committing time to complete the final stages of
the client consent process. Net outflows in IW&I were £0.4
billion in the final quarter (Q3 2024: £0.3 billion).
- Flows
in single strategy funds continue to reflect the challenging market
environment for active asset managers. However, net outflows
reduced to £0.1 billion in the final quarter (Q3 2024: outflows of
£0.2 billion).
- Execution only net outflows equated to £0.1 billion in the
quarter, owing largely to the closure of a large, low margin
account.
Outlook
The integration of IW&I continues
to proceed well, and we have made substantial progress in the
integration process, in line with our expectations. The client
consent process is well-progressed with very encouraging responses,
and we continue to anticipate completing the client migration onto
a single operating platform during the first half of 2025. We
remain confident in the delivery of our synergy targets, including
our 2025 target of at least 70% of total synergies being achieved
this year on a cumulative run-rate basis.
Our combined business offers the
strength and resilience to manage through challenging market
conditions, providing a personalised service that ensures clients
benefit from disciplined, long-term investment strategies and
advice tailored to their specific financial goals.
Our priorities for 2025 include
completing the migration of IW&I clients whilst adding
marketing and distribution capability to support organic growth
opportunities, both directly and in tandem with third-party
IFAs.
Notice of results
Our preliminary statement of annual
results for the year ended 31 December 2024 will be published on
Wednesday, 26 February 2025. A presentation to analysts and
investors will be held at 10am on the same day at 30 Gresham
Street, London.
Funds under management and
administration
(I) Segment fuma
|
12 months ended 31
December 2024
|
Wealth
Management
(£m)
|
Asset Management
(£m)
|
Intra-group holdings
(£m)
|
Group FUMA
(£m)
|
|
Opening
FUMA
|
96,118
|
13,770
|
(4,548)
|
105,340
|
|
Gross Inflows
|
9,656
|
4,387
|
(1,991)
|
12,052
|
|
Gross Outflows
|
(10,729)
|
(3,781)
|
1,040
|
(13,470)
|
|
Net
Flows
|
(1,073)
|
606
|
(951)
|
(1,418)
|
|
Transfers
|
(84)
|
84
|
-
|
-
|
|
Market & Investment Performance
|
4,348
|
1,291
|
(397)
|
5,242
|
|
Closing
FUMA
|
99,309
|
15,751
|
(5,896)
|
109,164
|
(Ii)
Breakdown of FUMA and flows by service level
|
12 months ended 31
December 2024
|
Opening FUMA
(£m)
|
Gross Inflows
(£m)
|
Gross Outflows
(£m)
|
Net Flows
(£m)
|
Transfers1
(£m)
|
SHL Migrated Assets
(£m)
|
Market & Investment Performance
(£m)
|
Closing FUMA
(£m)
|
Ann Net Growth2
(%)
|
|
Rathbones
Investment Management
|
48,759
|
5,239
|
(4,405)
|
834
|
16
|
1,275
|
2,016
|
52,900
|
1.7
|
|
Bespoke portfolios
|
45,004
|
4,667
|
(4,023)
|
644
|
(422)
|
828
|
1,747
|
47,801
|
1.4
|
|
Managed via in-house
funds
|
3,755
|
572
|
(382)
|
190
|
438
|
447
|
269
|
5,099
|
5.1
|
|
Multi-asset
funds3
|
2,545
|
1,042
|
(846)
|
196
|
84
|
-
|
268
|
3,093
|
7.7
|
|
Rathbones
discretionary & managed
|
51,304
|
6,281
|
(5,251)
|
1,030
|
100
|
1,275
|
2,284
|
55,993
|
2.0
|
|
Non-discretionary service
|
752
|
20
|
(41)
|
(21)
|
(68)
|
-
|
3
|
666
|
(2.8)
|
|
IW&I
|
42,267
|
3,964
|
(5,026)
|
(1,062)
|
(256)
|
-
|
2,024
|
42,973
|
(2.5)
|
|
Saunderson House
|
1,590
|
68
|
(494)
|
(426)
|
-
|
(1,278)
|
114
|
-
|
(26.8)
|
|
Single-strategy funds
|
6,677
|
1,354
|
(1,895)
|
(541)
|
-
|
-
|
626
|
6,762
|
(8.1)
|
|
Execution only
|
2,750
|
365
|
(763)
|
(398)
|
224
|
3
|
191
|
2,770
|
(14.5)
|
|
Total
group
|
105,340
|
12,052
|
(13,470)
|
(1,418)
|
-
|
-
|
5,242
|
109,164
|
(1.3)
|
|
Q4 ended 31 December
2024
|
Opening FUMA
(£m)
|
Gross Inflows
(£m)
|
Gross Outflows
(£m)
|
Net Flows
(£m)
|
Transfers1
(£m)
|
SHL Migrated Assets
(£m)
|
Market & Investment Performance
(£m)
|
Closing FUMA
(£m)
|
Ann Net Growth2
(%)
|
|
Rathbones
Investment Management
|
52,355
|
1,568
|
(1,187)
|
381
|
(20)
|
-
|
184
|
52,900
|
2.9
|
|
Bespoke portfolios
|
47,441
|
1,396
|
(1,077)
|
319
|
(113)
|
-
|
154
|
47,801
|
2.7
|
|
Managed via in-house
funds
|
4,914
|
172
|
(110)
|
62
|
93
|
-
|
30
|
5,099
|
5.0
|
|
Multi-asset
funds3
|
3,058
|
237
|
(223)
|
14
|
-
|
-
|
21
|
3,093
|
1.8
|
|
Rathbones
discretionary & managed
|
55,413
|
1,805
|
(1,410)
|
395
|
(20)
|
-
|
205
|
55,993
|
2.9
|
|
Non-discretionary service
|
683
|
2
|
(6)
|
(4)
|
(19)
|
-
|
6
|
666
|
(2.3)
|
|
IW&I
|
43,043
|
913
|
(1,322)
|
(409)
|
(6)
|
-
|
345
|
42,973
|
(3.8)
|
|
Saunderson House
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Single-strategy funds
|
6,734
|
323
|
(421)
|
(98)
|
-
|
-
|
126
|
6,762
|
(5.8)
|
|
Execution only
|
2,932
|
119
|
(267)
|
(148)
|
45
|
-
|
(59)
|
2,770
|
(20.2)
|
|
Total
group
|
108,805
|
3,162
|
(3,426)
|
(264)
|
-
|
-
|
623
|
109,164
|
(1.0)
|
(iiI) Breakdown of WEALTH Management
FUMA and flows by channel
|
12 months ended 31
December 2024
|
Opening FUMA
(£m)
|
Gross Inflows
(£m)
|
Gross Outflows
(£m)
|
Net Flows
(£m)
|
Transfers1
(£m)
|
SHL Migrated Assets
(£m)
|
Market & Investment Performance
(£m)
|
Closing FUMA
(£m)
|
Ann Net Growth2
(%)
|
|
Total direct
|
34,411
|
3,336
|
(3,169)
|
167
|
(185)
|
1
|
1,539
|
35,933
|
0.5
|
|
Total financial adviser linked
|
14,348
|
1,903
|
(1,236)
|
667
|
201
|
1,274
|
477
|
16,967
|
4.6
|
|
Total
discretionary service
|
48,759
|
5,239
|
(4,405)
|
834
|
16
|
1,275
|
2,016
|
52,900
|
1.7
|
|
Execution only
|
2,750
|
365
|
(763)
|
(398)
|
224
|
3
|
191
|
2,770
|
(14.5)
|
|
Non-discretionary service
|
752
|
20
|
(41)
|
(21)
|
(68)
|
-
|
3
|
666
|
(2.8)
|
|
Total wealth
management
|
52,261
|
5,624
|
(5,209)
|
415
|
172
|
1,278
|
2,210
|
56,336
|
0.8
|
|
IW&I
|
42,267
|
3,964
|
(5,026)
|
(1,062)
|
(256)
|
-
|
2,024
|
42,973
|
(2.5)
|
|
Total wealth
management for enlarged group
|
94,528
|
9,588
|
(10,235)
|
(647)
|
(84)
|
1,278
|
4,234
|
99,309
|
(0.7)
|
|
Q4 ended 31 December
2024
|
Opening FUMA
(£m)
|
Gross Inflows
(£m)
|
Gross Outflows
(£m)
|
Net Flows
(£m)
|
Transfers1
(£m)
|
SHL Migrated Assets
(£m)
|
Market & Investment Performance
(£m)
|
Closing FUMA
(£m)
|
Ann Net Growth2
(%)
|
|
Total direct
|
35,535
|
1,051
|
(837)
|
214
|
(63)
|
-
|
247
|
35,933
|
2.4
|
|
Total financial adviser linked
|
16,820
|
517
|
(350)
|
167
|
43
|
-
|
(63)
|
16,967
|
4.0
|
|
Total
discretionary service
|
52,355
|
1,568
|
(1,187)
|
381
|
(20)
|
-
|
184
|
52,900
|
2.9
|
|
Execution only
|
2,932
|
119
|
(267)
|
(148)
|
45
|
-
|
(59)
|
2,770
|
(20.2)
|
|
Non-discretionary service
|
683
|
2
|
(6)
|
(4)
|
(19)
|
-
|
6
|
666
|
(2.3)
|
|
Total wealth
management
|
55,970
|
1,689
|
(1,460)
|
229
|
6
|
-
|
131
|
56,336
|
1.6
|
|
IW&I
|
43,043
|
913
|
(1,322)
|
(409)
|
(6)
|
-
|
345
|
42,973
|
(3.8)
|
|
Total wealth
management for enlarged group
|
99,013
|
2,602
|
(2,782)
|
(180)
|
-
|
-
|
476
|
99,309
|
(0.7)
|
(iV) Total Group FUMA
|
12 months ended 31
December 2024
|
Opening FUMA
(£m)
|
Gross Inflows
(£m)
|
Gross Outflows
(£m)
|
Net Flows
(£m)
|
Transfers1
(£m)
|
SHL Migrated Assets
(£m)
|
Market & Investment Performance
(£m)
|
Closing FUMA
(£m)
|
Ann Net Growth2
(%)
|
|
Rathbones Investment Management
|
52,261
|
5,624
|
(5,209)
|
415
|
172
|
1,278
|
2,210
|
56,336
|
0.8
|
|
Rathbones Asset Management
|
13,770
|
4,387
|
(3,781)
|
606
|
84
|
-
|
1,291
|
15,751
|
4.4
|
|
IW&I
|
42,267
|
3,964
|
(5,026)
|
(1,062)
|
(256)
|
-
|
2,024
|
42,973
|
(2.5)
|
|
Saunderson House
|
1,590
|
68
|
(494)
|
(426)
|
-
|
(1,278)
|
114
|
-
|
(26.8)
|
|
Total
|
109,888
|
14,043
|
(14,510)
|
(467)
|
-
|
-
|
5,639
|
115,060
|
(0.4)
|
|
Group
eliminations4
|
(4,548)
|
(1,991)
|
1,040
|
(951)
|
-
|
-
|
(397)
|
(5,896)
|
20.9
|
|
Total
|
105,340
|
12,052
|
(13,470)
|
(1,418)
|
-
|
-
|
5,242
|
109,164
|
(1.3)
|
|
|
|
|
|
|
|
|
|
|
|
1. Transfers represent client FUMA
which has transferred from one service to another and other
intra-group movements. These are excluded from net
inflows.
2. Annualised net growth calculated
as net flows/opening FUMA.
3. Net inflows into multi-asset funds
include direct flows and flows into managed solutions via in-house
funds.
4. Group eliminations represent RAM
funds that are held within portfolios managed by RIM
(£5.7 billion) and IW&I (£0.2 billion) teams.
Consequently, after excluding the RAM funds, the FUMA of each
entity is £50.6 billion in RIM and £42.7 billion within
IW&I.
16 January 2025
For further information
contact:
Rathbones Group
Plc
Paul Stockton, Group
Chief Executive Officer
Iain Hooley, Group Chief Financial Officer
Shelly Patel, Head of Investor Relations
Tel: 020 7399 0071
Email: shelly.patel@rathbones.com
Camarco
Ed Gascoigne-Pees
Tel: 020 3757 4980
Email: ed.gascoigne-pees@camarco.co.uk
Rathbones Group Plc
Rathbones provides wealth and asset
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 for everyone's tomorrow has been with us from the
beginning and continues to lead us forward.
Rathbones headquarters is 30 Gresham
Street, London, EC2V 7PG.
www.rathbones.com
