(Reuters) -British wealth manager Rathbones reported a 79% surge in its full-year pre-tax profit on Wednesday, beating market expectations, helped by higher inflows and customer numbers. The London-
Rathbones Reports 79% Profit Increase Driven by Customer Growth
(Reuters) -British wealth manager Rathbones reported a 79% surge in its full-year pre-tax profit on Wednesday, beating market expectations, helped by higher inflows and customer numbers.
The London-based company reported an underlying pre-tax profit of 227.6 million pounds ($287.96 million) for the year ended December 2024, up from 127.1 million pounds reported a year earlier. That was ahead of an analysts' consensus estimate of 224.8 million pounds, according to a company compiled poll.
Last year, UK money managers navigated shifting investor sentiment due to factors ranging from geopolitical conflicts in the Middle East to the Labour government's maiden budget in October.
Uncertainty around U.S. trade policies and a slower path to lower borrowing costs have added to asset managers' woes, as they already grapple with unpredictable investor flows.
($1 = 0.7904 pounds)
(Reporting by Yamini Kalia in Bengaluru; Editing by Varun H K and Rashmi Aich)
