Rathbones posts slight dip in Q1 FUMA, net outflows flat

(Sharecast News) - Wealth and asset manager Rathbones has reported a slight dip in funds under management and administration in the first quarter.

Rathbones said on Thursday that FUMA had slipped to �113.6bn from �115.6bn at yearend, as the group continued to see net outflows across both its wealth management and asset management divisions.

Total net outflows were �800m for the period, unchanged from the first quarter of 2025, including �400m withdrawn from wealth management and a further �400m from asset management.

The FTSE 250-listed firm said total operating income rose 9.4% yearonyear to �240.7m, up from �220.1m in the same period of 2025.

Wealth management FUMA stood at �105.2bn, compared with �106.2bn at the end of December, while gross FUM in asset management fell to �15.7bn from �16.6bn, equivalent to �8.4bn on a consolidated basis once intragroup holdings were excluded.

Within wealth management, �200m of outflows were related to executiononly services, while asset management saw net withdrawals of �400m, compared with �300m a year earlier.

Chief executive Jonathan Sorrell said: "Operating income grew 9.4% compared with Q1 2025, reflecting improved market levels relative to the prior year. Underlying flows in our wealth proposition continued to stabilise during the first quarter against a volatile market backdrop.

"Excluding execution-only services, wealth flows were broadly flat in Q1 after absorbing an estimated increase of �0.2bn of tax-driven withdrawals as a consequence of the October 2024 Budget, activity that was concentrated in January. At group level, net outflows in the quarter largely reflected this elevated tax-related activity, together with ongoing outflows from low-margin execution-only services and the continued challenging operating environment in UK retail active asset management."

As of 1100 BST, Rathbones shares were down 0.80% at 1,994p.

Reporting by Iain Gilbert at Sharecast.com

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