REG - Rathbones Group PLC - Third Quarter Trading Update
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RNS Number : 3420D Rathbones Group PLC 15 October 2025
RATHBONES GROUP PLC
THIRD QUARTER TRADING UPDATE
RATHBONES GROUP PLC ("RATHBONES") ANNOUNCES A TRADING UPDATE FOR THE THREE
MONTHS ENDED 30 SEPTEMBER 2025
FINANCIAL HIGHLIGHTS:
• Funds under management and administration ("FUMA") increased by 3.7%
during the quarter to reach £113.0 billion at 30 September 2025 (30 June
2025: £109.0 billion, 30 Sept 2024: £108.8 billion) comprising:
• £103.2 billion in the Wealth Management segment (30 June 2025:
£99.4 billion, 30 Sept 2024: £99.0 billion).
• £16.3 billion in the Asset Management segment (30 June 2025:
£15.8 billion, 30 Sept 2024: £15.5 billion).
• The above figures include £6.5 billion of Wealth Management FUMA
invested in the Asset Management segment (30 June 2025: £6.2 billion, 30 Sept
2024: £5.7 billion).
• Total net outflows in the quarter were £0.6 billion (Q3 2024: net
outflows of £0.6 billion) comprising:
• Net outflows in the Wealth Management segment of £297.0 million
(Q3 2024: £408.0 million).
• Net outflows in the Asset Management segment of £229.0 million
(Q3 2024: net inflow of £36.0 million).
• The above figures include £66.0 million of Wealth Management
inflows that were invested in the Asset Management segment (Q3 2024: £189.0
million).
• Total operating income for the quarter was £236.4 million, up 7.2%
from the £220.6 million in Q3 2024.
• We have achieved our synergy target of £60.0 million on an annualised
run-rate basis during Q3.
Q4 TRADING UPDATE:
A Q4 trading update will be published on 15 January 2026.
JONATHAN SORRELL, GROUP CHIEF EXECUTIVE OFFICER OF RATHBONES, SAID:
"We are focused on serving our clients exceptionally well and driving organic
growth. I have spent my first months with our people and clients. We have all
the ingredients to provide the best offering in the market: great people,
trusted client relationships, and the scale to invest in our future.
Our teams have done tremendous work integrating the business over the past two
years, and that foundation matters. Though the UK economy remains challenging,
with much uncertainty ahead of the Budget, our attention is directed at
returning to positive net flows. The opportunity ahead is significant and we
are committed to capturing it through sustained effort and consistency of
purpose."
FINANCIAL INFORMATION:
OPERATING INCOME
9 months ended 30 September 2025 2024 Change Change
Wealth Management (£m) (£m) (£m) (%)
- Fees 434.0 429.2 4.8 1.1%
- Commissions 71.5 67.9 3.6 5.3%
- Net interest income 61.7 47.3 14.4 30.4%
- Fees from advisory services((i)) 43.1 40.5 2.6 6.4%
- Other income((ii)) 12.1 22.4 (10.3) (46.0)%
622.4 607.3 15.1 2.5%
Asset Management 63.1 60.7 2.4 4.0%
Operating income 685.5 668.0 17.5 2.6%
3 months ended 30 September 2025 2024 Change Change
Wealth Management (£m) (£m) (£m) (%)
- Fees 149.0 144.5 4.5 3.1%
- Commissions 25.7 20.7 5.0 24.2%
- Net interest income 23.8 15.5 8.3 53.5%
- Fees from advisory services((i)) 15.0 12.0 3.0 25.0%
- Other income((ii)) 1.4 7.0 (5.6) (80.0)%
214.9 199.7 15.2 7.6%
Asset Management 21.5 20.9 0.6 2.9%
Operating income 236.4 220.6 15.8 7.2%
(i) Including income from financial planning services, trust, tax and
Vision Independent Financial Planning.
(ii) Other income includes net interest margin on client money balances,
which includes that relating to IW&I prior to migration.
FUNDS UNDER MANAGEMENT AND ADMINISTRATION
(I) SEGMENT FUMA
9 months ended 30 September 2025 Wealth Management (£m) Asset Management Intra-group Group FUMA (£m)
(£m) (£m)
Opening FUMA 99,309 15,751 (5,896) 109,164
Gross Inflows 6,485 2,341 (1,039) 7,787
Gross Outflows (7,250) (2,934) 796 (9,388)
Net Flows (765) (593) (243) (1,601)
Market & Investment Performance 5,074 937 (352) 5,659
IW&I Migrated Assets(1) (263) - - (263)
Transfers(2) (234) 234 - -
Closing FUMA 103,121 16,329 (6,491) 112,959
Q3 ended 30 September 2025 Wealth Management (£m) Asset Management Intra-group Group FUMA (£m)
(£m) (£m)
Opening FUMA 99,368 15,806 (6,201) 108,973
Gross Inflows 2,156 705 (307) 2,554
Gross Outflows (2,453) (934) 241 (3,146)
Net Flows (297) (229) (66) (592)
Market & Investment Performance 4,284 518 (224) 4,578
IW&I Migrated Assets(1) - - - -
Transfers(2) (234) 234 - -
Closing FUMA 103,121 16,329 (6,491) 112,959
(II) BREAKDOWN OF FUMA AND FLOWS BY SERVICE LEVEL
9 months ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m)
(£m)
(£m)
(£m)
Rathbones Investment Management 52,900 4,848 (4,781) 67 (166) 34,658 6,513 93,972 0.2
Bespoke portfolios 47,801 4,351 (4,446) (95) (81) 33,825 6,154 87,604 (0.3)
Managed via in-house funds 5,099 497 (335) 162 (85) 833 359 6,368 4.2
Multi-asset funds(4) 3,093 421 (613) (192) 234 - 240 3,375 (8.3)
Rathbones discretionary & managed 55,993 5,269 (5,394) (125) 68 34,658 6,753 97,347 (0.3)
Non-discretionary service 666 52 (45) 7 (80) 997 167 1,757 1.4
IW&I 42,973 1,217 (1,756) (539) - (40,225) (2,209) - (1.7)
Single-strategy funds 6,762 881 (1,525) (644) 1 - 344 6,463 (12.7)
Execution only 2,770 368 (668) (300) 11 4,307 604 7,392 (14.4)
Total Group 109,164 7,787 (9,388) (1,601) - (263) 5,659 112,959 (2.0)
Q3 ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m)
Rathbones Investment Management 90,445 1,936 (2,129) (193) (197) 71 3,846 93,972 (0.9)
Bespoke portfolios 84,131 1,747 (2,018) (271) 10 71 3,663 87,604 (1.3)
Managed via in-house funds 6,314 189 (111) 78 (207) - 183 6,368 4.9
Multi-asset funds(4) 3,105 130 (212) (82) 234 - 118 3,375 (10.6)
Rathbones discretionary & managed 93,550 2,066 (2,341) (275) 37 71 3,964 97,347 (1.2)
Non-discretionary service 1,690 38 (20) 18 (39) 10 78 1,757 4.3
IW&I 141 6 (51) (45) - (143) 47 - (127.7)
Single-strategy funds 6,500 268 (481) (213) - - 176 6,463 (13.1)
Execution only 7,092 176 (253) (77) 2 62 313 7,392 (4.3)
Total Group 108,973 2,554 (3,146) (592) - - 4,578 112,959 (2.2)
(III) BREAKDOWN OF WEALTH MANAGEMENT FUMA AND FLOWS BY CHANNEL
9 months ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m)
Total direct 35,933 3,176 (3,264) (88) 1,711 23,123 4,420 65,099 (0.3)
Total financial adviser linked 16,967 1,672 (1,516) 156 (1,877) 11,535 2,092 28,873 1.2
Total discretionary service 52,900 4,848 (4,780) 68 (166) 34,658 6,512 93,972 0.2
Execution only 2,770 368 (668) (300) 12 4,306 604 7,392 (14.4)
Non-discretionary service 666 52 (46) 6 (80) 997 168 1,757 1.2
Total wealth management 56,336 5,268 (5,494) (226) (234) 39,961 7,284 103,121 (0.5)
IW&I 42,973 1,217 (1,756) (539) - (40,224) (2,210) - (1.7)
Total wealth management for enlarged Group 99,309 6,485 (7,250) (765) (234) (263) 5,074 103,121 (1.0)
Q3 ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m)
Total direct 62,617 1,304 (1,462) (158) (164) 67 2,737 65,099 (1.0)
Total financial adviser linked 27,828 632 (667) (35) (33) 4 1,109 28,873 (0.5)
Total discretionary service 90,445 1,936 (2,129) (193) (197) 71 3,846 93,972 (0.9)
Execution only 7,092 176 (253) (77) 2 62 313 7,392 (4.3)
Non-discretionary service 1,690 38 (20) 18 (39) 10 78 1,757 4.3
Total wealth management 99,227 2,150 (2,402) (252) (234) 143 4,237 103,121 (1.0)
IW&I 141 6 (51) (45) - (143) 47 - (127.7)
Total wealth management for enlarged Group 99,368 2,156 (2,453) (297) (234) - 4,284 103,121 (1.2)
(IV) TOTAL GROUP FUMA
9 months ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m)
Rathbones Investment Management 56,336 5,268 (5,494) (226) (234) 39,961 7,284 103,121 (0.5)
IW&I 42,973 1,217 (1,756) (539) - (40,224) (2,210) - (1.7)
Rathbones Asset Management 15,751 2,341 (2,934) (593) 234 - 937 16,329 (5.0)
Total 115,060 8,826 (10,184) (1,358) - (263) 6,011 119,450 (1.6)
Group eliminations(5) (5,896) (1,039) 796 (243) - - (352) (6,491) 5.5
Total 109,164 7,787 (9,388) (1,601) - (263) 5,659 112,959 (2.0)
Q3 ended 30 September 2025 Opening FUMA Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA (£m) Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m)
Rathbones Investment Management 99,227 2,150 (2,402) (252) (234) 143 4,237 103,121 (1.0)
IW&I 141 6 (51) (45) - (143) 47 - (127.7)
Rathbones Asset Management 15,806 705 (934) (229) 234 - 518 16,329 (5.8)
Total 115,174 2,861 (3,387) (526) - - 4,802 119,450 (1.8)
Group eliminations(5) (6,201) (307) 241 (66) - - (224) (6,491) 4.3
Total 108,973 2,554 (3,146) (592) - - 4,578 112,959 (2.2)
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 (£6.5 billion) teams. Consequently, after excluding the RAM
funds, the FUMA is £96.7 billion in RIM.
15 October 2025
For further information contact:
Rathbones Group Plc
Investors
Jonathan Sorrell, Group Chief Executive Officer
Iain Hooley, Group Chief Financial Officer
Shelly Patel, Head of Investor Relations
Tel: +44 (0)20 7399 0071
Email: shelly.patel@rathbones.com (mailto:shelly.patel@rathbones.com)
Press
Tessa Curtis, Director of Corporate Communications & Affairs
Tel: +44 (0)7833 346238
Email: tessa.curtis@rathbones.com (mailto:tessa.curtis@rathbones.com)
Camarco
Ed Gascoigne-Pees
Tel: +44 (0)20 3757 4984
Email: ed.gascoigne-pees@camarco.co.uk
(mailto:ed.gascoigne-pees@camarco.co.uk)
Rathbones Group Plc
Rathbones is a leading provider of individual Wealth Management, Asset
Management and related services to Private Clients, Charities, Trustees and
Professional Partners. We have been trusted for generations to manage and
preserve our clients' wealth.
Rathbones headquarters is 30 Gresham Street, London, EC2V 7QN.
www.rathbones.com (http://www.rathbones.com)
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