Third Quarter Trading Update
In brief · summary, not quotable
FUMA increased to £113.0bn with Q3 net outflows of £0.6bn; operating income up 7.2% year-on-year.
- FUMA at 30 September 2025 £113.0 billion (prior £109.0 billion)
- Wealth Management FUMA £103.2 billion (prior £99.4 billion)
- Asset Management FUMA £16.3 billion (prior £15.8 billion)
- Q3 2025 Operating Income £236.4 million (prior £220.6 million)
- Q3 2025 Net Outflows £0.6 billion (prior £0.6 billion)
- Synergy Target £60.0 million annualised run-rate
Full announcement
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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% |
- Including income from financial planning services, trust, tax and Vision Independent Financial Planning.
- 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
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 Assets 1 | (263) | - | - | (263) | |||||
| Transfers 2 | (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 Assets 1 | - | - | - | - | |||||
| Transfers 2 | (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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
| 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 funds 4 | 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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
| 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 funds 4 | 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) |
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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
|---|---|---|---|---|---|---|---|---|---|
| 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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
| 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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
| 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 eliminations 5 | (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) | Transfers 2 (£m) | IW&I Migrated Assets 1 (£m) | Market & Investment Performance (£m) | Closing FUMA (£m) | Ann Net Growth 3 (%) |
| 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 eliminations 5 | (6,201) | (307) | 241 | (66) | - | - | (224) | (6,491) | 4.3 |
| Total | 108,973 | 2,554 | (3,146) | (592) | - | - | 4,578 | 112,959 | (2.2) |
- 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.
- Transfers represent client FUMA which has transferred from one service to another and other intra-group movements. These are excluded from net inflows.
- Annualised net growth calculated as net flows/opening FUMA.
- Net inflows into multi-asset funds include direct flows and flows into managed solutions delivered using in-house funds.
- 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.
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.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.