Fourth Quarter Update

Rathbones

15/01/2026 07:00

RNS Number : 0380P

Rathbones Group PLC

15 January 2026

 

This announcement replaces the Fourth Quarter Update 2025 that was issued at 7am on 15 January 2026 (RNS Number: 9304O). The quotation should read ‘Investec Wealth & Investment UK’ rather than ‘Investment Wealth & Investment UK’. All other information in unchanged. 

RATHBONES GROUP PLC

 

FOURTH QUARTER UPDATE - CORRECTION

 

Funds under management and administration (FUMA) update for the year ended 31 December 2025 and notice of results

 

•   Funds under management and administration ("FUMA") increased 2.3% to £115.6 billion at 31 December 2025 (30 September 2025: £113.0 billion; 31 December 2024: £109.2 billion) comprising: 

•      £106.2 billion in the Wealth Management segment (30 September 2025: £103.2 billion; 31 December 2024: £99.3 billion).

•      £16.6 billion in the Asset Management segment (30 September 2025: £16.3 billion; 31 December 2024: £15.8 billion).

•      The above figures include £7.2 billion of Wealth Management FUMA invested in the Asset Management segment (30 September 2025: £6.5 billion; 31 December 2024: £5.9 billion).

 

•   Total net outflows in the quarter were £0.5 billion (Q4 2024: net outflows of £0.3 billion) comprising:

•      Net outflows in the Wealth Management segment of £64.0 million (Q4 2024: net outflows of £180.0 million).

•      Net outflows in the Asset Management segment of £93.0 million (Q4 2024: net inflows of £41.0 million).

•      The above figures include £307.0 million of Wealth Management inflows that were invested in the Asset Management segment (Q4 2024: net inflows of £125.0 million).

 

NOTICE OF RESULTS AND STRATEGIC UPDATE:

 

Our preliminary annual results for the year ended 31 December 2025 will be published on Friday, 27 February 2026. A presentation for analysts and investors will take place from 9:00am-11:00am on the same day at 30 Gresham Street, London. The presentation will cover the results and will be followed by a strategic update from Group CEO, Jonathan Sorrell. Dial-in details for those wishing to join virtually rather than in person will be provided in the preliminary results release at 7:00am.

 

JONATHAN SORRELL, GROUP CHIEF EXECUTIVE OFFICER OF RATHBONES, SAID:

 

"I am grateful to my colleagues for their extraordinary efforts in 2025 in integrating Rathbones and Investec Wealth & Investment UK. As that process approaches its conclusion, our opportunity now is to take advantage of our core strengths to grow the business organically over time. We have fantastic people, strong client relationships and the scale to invest in our capabilities. Our focus remains on serving our clients exceptionally well."

 

 

 

FUNDS UNDER MANAGEMENT AND ADMINISTRATION

(I) SEGMENT FUMA

12 months ended 31 December 2025
Wealth Management (£m)
Asset Management
(£m)
Intra-group
(£m)
Group FUMA (£m)
Opening FUMA
99,309
15,751
(5,896)
109,164
Gross Inflows
9,356
3,507
(1,626)
11,237
Gross Outflows
(10,186)
(4,193)
1,078
(13,301)
Net Flows
(830)
(686)
(548)
(2,064)
Market & Investment Performance
8,009
1,301
(530)
8,780
IW&I Migrated Assets1
(263)
-
-
(263)
Transfers2
(20)
234
(214)
-
Closing FUMA
106,205
16,600
(7,188)
115,617

 

Q4 ended 31 December 2025
Wealth Management (£m)
Asset Management
(£m)
Intra-group
(£m)
Group FUMA (£m)
Opening FUMA
103,121
16,329
(6,491)
112,959
Gross Inflows
2,871
1,166
(587)
3,450
Gross Outflows
(2,935)
(1,259)
280
(3,914)
Net Flows
(64)
(93)
(307)
(464)
Market & Investment Performance
2,934
364
(176)
3,122
IW&I Migrated Assets1
-
-
-
-
Transfers2
214
-
(214)
-
Closing FUMA
106,205
16,600
(7,188)
115,617

 

(II) BREAKDOWN OF FUMA AND FLOWS BY SERVICE LEVEL

12 months ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Rathbones Investment Management
52,900
7,422
(7,301)
121
96
34,658
9,266
97,041
0.2
Bespoke portfolios
47,801
6,658
(6,814)
(156)
(75)
33,825
8,667
90,062
(0.3)
Managed via in-house funds
5,099
764
(487)
277
171
833
599
6,979
5.4
Multi-asset funds4
3,093
588
(846)
(258)
20
-
320
3,175
(8.3)
Rathbones discretionary & managed
55,993
8,010
(8,147)
(137)
116
34,658
9,586
100,216
(0.2)
Non-discretionary service
666
78
(92)
(14)
(130)
997
220
1,739
(2.1)
IW&I
42,973
1,217
(1,756)
(539)
-
(40,224)
(2,210)
-
(1.3)
Single-strategy funds
6,762
1,293
(2,270)
(977)
-
-
452
6,237
(14.4)
Execution only
2,770
639
(1,036)
(397)
14
4,306
732
7,425
(14.3)
Total Group
109,164
11,237
(13,301)
(2,064)
-
(263)
8,780
115,617
(1.9)

 

Q4 ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Rathbones Investment Management
93,972
2,574
(2,521)
53
261
-
2,755
97,041
0.2
Bespoke portfolios
87,604
2,307
(2,368)
(61)
5
-
2,514
90,062
(0.3)
Managed via in-house funds
6,368
267
(153)
114
256
-
241
6,979
7.2
Multi-asset funds4
3,375
167
(234)
(67)
(214)
-
81
3,175
(7.9)
Rathbones discretionary & managed
97,347
2,741
(2,755)
(14)
47
-
2,836
100,216
(0.1)
Non-discretionary service
1,757
26
(47)
(21)
(50)
-
53
1,739
(4.8)
IW&I
-
-
-
-
-
-
-
-
-
Single-strategy funds
6,463
412
(745)
(333)
-
-
107
6,237
(20.6)
Execution only
7,392
271
(367)
(96)
3
-
126
7,425
(5.2)
Total Group
112,959
3,450
(3,914)
(464)
-
-
3,122
115,617
(1.6)

 

 

 

 

(III) BREAKDOWN OF WEALTH MANAGEMENT FUMA AND FLOWS BY CHANNEL

12 months ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Total direct
35,933
4,797
(4,951)
(154)
1,495
23,123
6,339
66,736
(0.4)
Total financial adviser linked
16,967
2,625
(2,350)
275
(1,399)
11,535
2,927
30,305
1.6
Total discretionary service
52,900
7,422
(7,301)
121
96
34,658
9,266
97,041
0.2
Execution only
2,770
639
(1,036)
(397)
14
4,306
732
7,425
(14.3)
Non-discretionary service
666
78
(92)
(14)
(130)
997
220
1,739
(2.1)
Total wealth management
56,336
8,139
(8,429)
(290)
(20)
39,961
10,218
106,205
(0.5)
IW&I
42,973
1,217
(1,757)
(540)
-
(40,224)
(2,209)
-
(1.3)
Total wealth management for enlarged Group
99,309
9,356
(10,186)
(830)
(20)
(263)
8,009
106,205
(0.8)

 

Q4 ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Total direct
65,099
1,621
(1,687)
(66)
(216)
-
1,919
66,736
(0.4)
Total financial adviser linked
28,873
953
(834)
119
477
-
836
30,305
1.6
Total discretionary service
93,972
2,574
(2,521)
53
261
-
2,755
97,041
0.2
Execution only
7,392
271
(367)
(96)
3
-
126
7,425
(5.2)
Non-discretionary service
1,757
26
(47)
(21)
(50)
-
53
1,739
(4.8)
Total wealth management
103,121
2,871
(2,935)
(64)
214
-
2,934
106,205
(0.2)
IW&I
-
-
-
-
-
-
-
-
-
Total wealth management for enlarged Group
103,121
2,871
(2,935)
(64)
214
-
2,934
106,205
(0.2%)

 

(IV) TOTAL GROUP FUMA

12 months ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Rathbones Investment Management
56,336
8,139
(8,429)
(290)
(20)
39,961
10,218
106,205
(0.5)
Rathbones Asset Management
15,751
3,507
(4,193)
(686)
234
-
1,301
16,600
(4.4)
IW&I
42,973
1,217
(1,756)
(539)
-
(40,224)
(2,210)
-
(1.3)
Total
115,060
12,863
(14,378)
(1,515)
214
(263)
9,309
122,805
(1.3)
Group eliminations5
(5,896)
(1,626)
1,077
(549)
(214)
-
(529)
(7,188)
9.3
Total
109,164
11,237
(13,301)
(2,064)
-
(263)
8,780
115,617
(1.9)

 

Q4 ended 31 December 2025
Opening FUMA
(£m)
Gross Inflows
(£m)
Gross Outflows
(£m)
Net Flows (£m)
Transfers2 (£m)
IW&I Migrated Assets1
(£m)
Market & Investment Performance (£m)
Closing FUMA
(£m)
Ann Net Growth3 (%)
Rathbones Investment Management
103,121
2,871
(2,935)
(64)
214
-
2,934
106,205
0.2)
Rathbones Asset Management
16,329
1,166
(1,259)
(93)
-
-
364
16,600
(2.3)
IW&I
-
-
-
-
-
-
-
-
-
Total
119,450
4,037
(4,194)
(157)
214
-
3,298
122,805
(0.5)
Group eliminations5
(6,491)
(587)
280
(307)
(214)
-
(176)
(7,188)
18.9
Total
112,959
3,450
(3,914)
(464)
-
-
3,122
115,617
(1.6)

 

1. The IW&I asset migration column/row does not net to zero following the change in classification of certain previously reported FUMA to ensure alignment of approach. There is no impact on revenue.

2. Transfers represent client FUMA which has transferred from one service to another and other intra-group movements. These are excluded from net inflows.

3. Annualised net growth calculated as net flows/opening FUMA.

4. Net inflows into multi-asset funds include direct flows and flows into managed solutions delivered using in-house funds.

5. Group eliminations represent RAM funds that are held within portfolios managed by RIM (£7.2 billion)  teams. Consequently, after excluding the RAM funds, the FUMA  is £99.0 billion in RIM.

 

15 January 2026

 

 

 

 

 

For further information contact:

Rathbones Group Plc

 

Investors

Shelly Patel, Head of Investor Relations

Tel: +44 (0)20 7399 0071

Email: shelly.patel@rathbones.com

 

Press

Tessa Curtis, Director of Corporate Communications & Affairs

Tel: +44 (0)7833 346238

Email: tessa.curtis@rathbones.com

 

Camarco

Ed Gascoigne-Pees

Tel: +44 (0)20 3757 4984

Email: ed.gascoigne-pees@camarco.co.uk

 

Rathbones Group Plc

Rathbones Group Plc (Rathbones), through its subsidiaries, is one of the UK's leading providers of investment and wealth management services for private clients, charities, trustees and professional partners. This includes discretionary investment management, fund management, tax planning, trust and company management, financial advice and banking services.

 

Rathbones manages £115.6 billion* of client assets, of which £16.6 billion by its asset management arm, Rathbones Asset Management Limited. A FTSE 250 company (LSE:RAT), Rathbones has over 3,300 employees, including over 750 investment professionals, in 21 offices across the UK and the Channel Islands, connecting its clients with high-quality, personalised wealth management services.

 

www.rathbones.com

 

*As of 31 December 2025

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