Rathbones funds rise as its wealth management arm returns to inflows

Rathbones posted a rise in funds under management and administration as its wealth management arm returned to net inflows. Funds under management and adminsitration increased 7.2 per cent year on year to £121.1bn. Its wealth management arm achieved net inflows, increasing to £24m after reporting losses of £300m the previous year. Further growth was restricted after the FTSE 250 firm’s voluntary pause on accepting new money from enhanced due diligence (EDD) clients. The firm also pinned the further lack of inflows on “a cautious backdrop” in the run up to the looming Autumn Budget which has caused clients to delay allocating capital to their portfolios. But despite the rise in wealth management, clients withdrew a total net £401m from the company during the period, after increased pressure on its asset management channel. Its asset management arm reported outflows of £425m, reflecting “continued pressure” on active equity investment in the UK retail market. Gross outf