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Rathbone Brothers’ bumper results hurt by £3.6m FSCS levy
WEALTH manager Rathbone Brothers netted £1.24bn in inflows last year to take funds under management over £15bn for the first time, it said yesterday.
Total funds jumped by almost a fifth to £2.53bn while underlying profit before tax rose 18.8 per cent to £38.5m in 2009.
But a £3.6m Financial Services Compensation Scheme levy to cover claims against failed investment schemes overshadowed the results, cutting final pre-tax profit to £30.1m, just two per cent up on 2009.
Chief executive Andy Pomfret told City A.M. he would pay the fee but regulators should do more to prevent failures. He said: “It doesn’t seem very fair that another business goes horribly wrong and we have to pick up the bill. It has been handled badly, frankly.”