Strong market lifts Rathbones result
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.RATHBONE Brothers, the private client investment manager, expects further progress this year after reporting a 29 per cent profits advance in 1993.
Last year's strong stock market helped to lift pre-tax profits from pounds 4.1m to pounds 5.25m. Rathbones looks after more than pounds 1bn for about 6,000 clients from its offices in Liverpool and London.
Oliver Stanley, chairman, said that the company's profits had more than doubled in the past five years.
Investment management provided 80 per cent of the profits. The private banking arm contributed about pounds 470,000, and the trustee and financial advisory business made about pounds 575,000.
Earnings per share rose 15 per cent to 18.5p - held back by the issue over the past 18 months of nearly 2 million shares to cover employee share options and to fund acquisitions.
Michael Bryant, marketing director, said Rathbones was making more effort to promote itself, particularly in Liverpool, and was willing to take on smaller portfolios than it had traditionally handled.
Rathbones has taken on some younger investment managers still hungry to develop their own client base. The firm eventually wants to establish itself in the south- west, probably in Bristol or Bath, and in Edinburgh.
A final dividend of 5.5p increases the total by 25 per cent to 7.5p a share.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments