REG - Rathbones Group PLC - Fourth Quarter Update
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RNS Number : 9304O Rathbones Group PLC 15 January 2026
RATHBONES GROUP PLC
FOURTH QUARTER UPDATE
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 Investment 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 Intra-group Group FUMA (£m)
(£m) (£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 Assets(1) (263) - - (263)
Transfers(2) (20) 234 (214) -
Closing FUMA 106,205 16,600 (7,188) 115,617
Q4 ended 31 December 2025 Wealth Management (£m) Asset Management Intra-group Group FUMA (£m)
(£m) (£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 Assets(1) - - - -
Transfers(2) 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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 funds(4) 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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 funds(4) 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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 eliminations(5) (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 Gross Inflows Gross Outflows Net Flows (£m) Transfers(2) (£m) IW&I Migrated Assets(1) Market & Investment Performance (£m) Closing FUMA Ann Net Growth(3) (%)
(£m) (£m) (£m) (£m) (£m)
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 eliminations(5) (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: s (mailto:tessa.curtis@rathbones.com) helly.patel
(mailto:tessa.curtis@rathbones.com) @rathbones.com
(mailto:tessa.curtis@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 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 (https://www.rathbones.com)
*As of 31 December 2025
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