Third Quarter Trading Update

Rathbones

15/10/2025 07:00

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
(£m)
Intra-group
(£m)
Group FUMA (£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 Assets1
(263)
-
-
(263)
Transfers2
(234)
234
-
-
Closing FUMA
103,121
16,329
(6,491)
112,959

 

Q3 ended 30 September 2025
Wealth Management (£m)
Asset Management
(£m)
Intra-group
(£m)
Group FUMA (£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 Assets1
-
-
-
-
Transfers2
(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
(£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
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 funds4
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
(£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
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 funds4
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
(£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
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
(£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
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
(£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
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 eliminations5
(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
(£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
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 eliminations5
(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

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 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

 

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