TIDMRAT
RNS Number : 0350N
Rathbones Group PLC
18 January 2023
Rathbones Group Plc
Funds under management and administration (FUMA) update for the
year ended 31 December 2022 and notice of results
Rathbones Group Plc ("Rathbones") delivered a further quarter of
sustained net inflows with discretionary and managed net inflows
totalling GBP347 million in Q4 2022 (an annualised growth rate of
3.1%) at the end of a challenging year for investors.
- Discretionary and managed net inflows were resilient in the
year at GBP1.3 billion (2021: GBP1.8 billion), representing a
growth rate of 2.6% (2021: 4.1%).
- Discretionary service net inflows totalled GBP0.9 billion (2021: GBP1.3 billion).
- Net inflows into our multi-asset fund range were strong,
totalling GBP0.4 billion and equating to net growth for the year of
20% (2021: GBP0.5 billion).
- Total FUMA were GBP60.2 billion at 31 December 2022 (31
December 2021: GBP68.2 billion), reflecting continuing net inflows
offset by a negative market movement over the year.
- GBP45.1 billion in the Investment Management business was down
10.2% from GBP50.3 billion at 31 December 2021, in line with the
MSCI PIMFA Private Investor Balanced Index which also decreased
10.2% over the year.
- GBP11.0 billion in Rathbone Funds, was down from GBP13.0
billion at 31 December 2021, with continued market volatility
impacting market performance and investor behaviour across the
industry. Despite significant outflows across the wider asset
management sector, net outflows in our single strategy fund range
remained low at GBP0.4 billion in the year, representing 4.5% of
opening FUMA (2021: net inflows of GBP1.2 billion).
- GBP4.1 billion in Saunderson House, was down from GBP4.9
billion at 31 December 2021, with net outflows of GBP0.2 billion
(2021: nil) in line with expectations. The integration of
Saunderson House is progressing in line with plan, with new
propositions launched during the year beginning to be taken up by
clients in the fourth quarter.
- Successful delivery of the first phases of our digital
transformation programme, supporting greater efficiency and
improving client and investment manager experiences.
Outlook
Whilst economic uncertainties are expected to prevail into 2023,
we will remain focused on client engagement and delivery on our
strategic priorities. Benefits from ongoing investment in our
digital capability and wider financial planning propositions will
further enable organic growth. Our strong balance sheet and clear
direction means we remain well-placed to consider inorganic growth
opportunities.
Notice of results
Our preliminary statement of annual results for the year ended
31 December 2022 will be published on Wednesday, 1 March 2023. A
presentation to analysts will be held on the same day.
Funds under management and administration
(i) Breakdown of FUMA and flows by service level
Service
Opening Level Closing Ann Net
FUMA Inflows Outflows Net Flows Transfers(1) Market FUMA Growth(2)
Q4 ended 31 December Movement
2022 (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%)
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Discretionary service 42,476 951 (697) 254 (16) 1,609 44,322
Bespoke portfolios 41,193 892 (673) 219 (70) 1,552 42,894 2.1
Managed via in-house
funds 1,283 59 (24) 35 54 56 1,428 10.9
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Multi-asset funds 1,973 198 (104) 94 - 92 2,159 19.1
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Total discretionary
& managed 44,449 1,148 (801) 347 (16) 1,701 46,481 3.1
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Non-discretionary
service 764 5 (28) (23) (4) 21 757 (12.0)
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Total wealth management 45,213 1,153 (829) 323 (20) 1,723 47,238 2.9
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Single-strategy funds 6,248 316 (377) (61) - 287 6,474 (3.9)
Execution only & banking 2,317 70 (120) (50) 69 68 2,404 (8.6)
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Total group (pre
acquisitions) 53,778 1,539 (1,326) 212 49 2,078 56,116 1.6
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Saunderson House 4,151 40 (107) (67) (49) 81 4,117 (6.5)
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Total group 57,929 1,579 (1,433) 145 - 2,159 60,233 1.0
----------------------------- -------- -------- -------- --------- ------------- --------- -------- ----------
Service
Opening Level Market Closing
12 months ended 31 FUMA Inflows Outflows Net Flows Transfers Movement FUMA Net Growth
December 2022 (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%)
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Discretionary service 49,249 3,535 (2,617) 918 (175) (5,670) 44,322
Bespoke portfolios 47,985 3,306 (2,519) 787 (322) (5,557) 42,894 1.6
Managed via in-house
funds 1,264 229 (98) 131 147 (113) 1,428 10.4
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Multi-asset funds 1,991 790 (391) 399 - (231) 2,159 20.0
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total discretionary
& managed 51,240 4,325 (3,008) 1,316 (175) (5,901) 46,481 2.6
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Non-discretionary
service 1,026 19 (95) (76) (81) (112) 757 (7.4)
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total wealth management 52,266 4,344 (3,103) 1,240 (256) (6,013) 47,238 2.4
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Single-strategy funds 8,316 1,624 (1,998) (374) - (1,468) 6,474 (4.5)
Execution only & banking 2,660 220 (460) (241) 305 (321) 2,404 (9.1)
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total group (pre acquisitions) 63,242 6,187 (5,561) 626 49 (7,801) 56,116 1.0
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Saunderson House (3) 4,917 287 (526) (239) (49) (512) 4,117 (4.9)
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total group 68,159 6,474 (6,087) 387 - (8,313) 60,233 0.6
------------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
(1) Service Level Transfers represent client FUMA which has
transferred from one service to another within the group during the
period.
(2) Annualised net growth in flows calculated as net flows/opening FUMA.
(3) Our continued review of Saunderson House data definitions
and new business disclosures has identified the need for a further
restatement of our Q3 YTD position, driven by alignment of
Saunderson House practices with Rathbones. Net flows previously
reported at Q3 2022 were understated by GBP40m and market
performance was overstated by GBP40m. This has now been reflected
in the YTD table above.
(ii) Breakdown of Rathbone Investment Management FUMA and flows
by channel
Service
Opening Level Market Closing Ann Net
Q4 ended 31 December FUMA Inflows Outflows Net Flows Transfers Movement FUMA Growth
2022 (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%)
---------------------------- ------- ------- -------- --------- ---------- --------- ------- -------
Total direct 32,344 663 (550) 113 (123) 1,305 33,639 1.4
Total financial adviser
linked 10,132 288 (147) 141 106 304 10,683 5.6
---------------------------- ------- ------- -------- --------- ---------- --------- ------- -------
Total discretionary
service 42,476 951 (697) 254 (16) 1,609 44,322 2.4
---------------------------- ------- ------- -------- --------- ---------- --------- ------- -------
Execution only & banking 2,317 70 (120) (50) 69 68 2,404 (8.6)
Non-discretionary
service 764 5 (28) (23) (4) 20 757 (12.0)
---------------------------- ------- ------- -------- --------- ---------- --------- ------- -------
Total Investment Management 45,557 1,026 (845) 180 49 1,697 47,483 1.6
---------------------------- ------- ------- -------- --------- ---------- --------- ------- -------
Service
Opening Level Market Closing
12 months ended 31 FUMA Inflows Outflows Net Flows Transfers Movement FUMA Net Growth
December 2022 (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (GBPm) (%)
---------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total direct 37,800 2,401 (2,034) 367 (280) (4,249) 33,638 1.0
Total financial adviser
linked 11,449 1,134 (583) 551 105 (1,420) 10,685 4.8
---------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total discretionary
service 49,249 3,535 (2,617) 918 (175) (5,670) 44,322 1.9
---------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Execution only & banking 2,660 220 (460) (241) 305 (321) 2,404 (9.1)
Non-discretionary
service 1,026 19 (95) (76) (81) (112) 757 (7.4)
---------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
Total Investment Management 52,935 3,774 (3,173) 601 49 (6,101) 47,483 1.1
---------------------------- ------- ------- -------- --------- ---------- --------- ------- ----------
(iii) Total Group FUMA
At 31 December At 30 September
----------------------------------------- ------------------------ -----------------
2022 2021 Change 2022 Change
-----------------------------------------
GBPm GBPm % GBPm %
----------------------------------------- ------- ------- ------ --------- ------
Rathbone Investment Management Gross
FUMA 47,483 52,935 (10.3) 45,557 4.2
Of which: discretionary wrapped funds(1) (2,372) (2,683) (11.6) (2,403) (1.3)
45,111 50,252 (10.2) 43,154 4.5
Rathbone Funds 11,005 12,990 (15.3) 10,624 3.6
Saunderson House 4,117 4,917 (16.3) 4,151 (0.8)
----------------------------------------- ------- ------- ------ --------- ------
Total Group FUMA 60,233 68,159 (11.6) 57,929 4.0
----------------------------------------- ------- ------- ------ --------- ------
1. Discretionary wrapped funds represent funds operated by
Rathbone Funds, managed by both Rathbone Investment Management
teams and Rathbone Funds managers
18 January 2023
For further information contact:
Rathbones Group Plc
Paul Stockton, Group Chief Executive
Jennifer Mathias, Group Chief Financial Officer
Sarah Lewandowski, Head of Investor Relations
Tel: 07702605524
email: sarah.lewandowski@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 2,200 staff in 14 UK locations and Jersey;
its headquarters is 8 Finsbury Circus, London.
www.rathbones.com
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