Wealth manager Rathbones is to create new roles within the business as it is preparing to target financial advisers with its discretionary fund management (DFM) products.
In its half-year results statement released to the stock exchange this morning (24 July) the company stated that new chief executive Paul Stockton had created the specialist roles to broaden the firm's client base among financial advisers.
The statement said: "We are adding specialist roles to our financial intermediary distribution team to focus entirely on introducing our discretionary fund management proposition to that community."
He added the firm had also appointed a head of client development in its non-intermediated channel.
"This will include offshore investment services, but also a UHNW team (formerly the Rathbone Private Office) that will now concentrate on introducing Ultra High Net Worth clients to existing Rathbone investment teams rather than promoting its own advisory proposition," he said.
The results showed Rathbones assets under administration and management were £49.2bn at the end of June, which the company stated was the highest ever.
Total growth in assets was £500m in the first six months of the year, despite net outflows from the investment management business of £100m. The unit trust management business had net inflows of £400m.
Those figures exclude any assets gained from the acquisition of Scottish wealth management firms Speirs and Jeffrey, which was acquired on August 31, 2018.
The company reported a pre-tax profit of £20m for the six months, down from £43.7m in the same period last year.
This included costs in relation to expected items including the acquisition of Speirs & Jeffrey, which totalled £17.8m in the half year.
Mr Stockton said: "It has been a busy first half for Rathbones as we successfully migrated our largest acquisition to date, underwent a smooth leadership transition and posted the highest funds under management and administration in our history.
"Investment markets look likely to remain volatile in the second half but we retain a cautiously optimistic outlook.
"The UK wealth industry continues to present positive opportunities for future growth which we will actively pursue."
david.thorpe@ft.com
