Rathbones are increasing their interim dividend by 3.3% to 31.0p, reinforcing their progressive approach to shareholder distributions. Together, these actions mark a new phase for Rathbones, as the benefits of integration begin to translate into enhanced capital generation and long-term value creation.
Other financial highlights include:
• FUMA totalled £109.0 billion at 30 June 2025 (Q1 2025: £104.1 billion, FY 2024: £109.2 billion) comprising:
• £93.2 billion in the Wealth Management segment (£99.4 billion prior to the elimination of Wealth Management FUMA invested in the Asset Management segment of £6.2 billion).
• £15.8 billion in the Asset Management segment.
• Net outflows for the first half of 2025 were £1.0 billion (30 June 2024: £0.6 billion), reflecting the peak impact of client migration activity during the period. Encouragingly, flows improved as the half progressed, with Q2 net outflows reducing significantly to £0.2 billion (Q1: net outflows of £0.8 billion). The Wealth Management segment was broadly neutral in Q2 (Q1: net outflows of £0.5 billion).
• Despite a slight year-on-year decline in underlying profit before tax to £107.7 million (30 June 2024: £112.1 million) and an underlying operating margin of 24.0% (30 June 2024: 25.1%), largely reflecting market volatility at the end of the first quarter, they continue to expect full-year 2025 results to be in line with market forecasts, supported by a stronger starting FUMA position in the second half of 2025 and increasing synergy benefits. Most organisational design changes were completed by the end of the first half of the year, with further margin improvement expected in the second half of the year as integration progresses and the IW&I platform is decommissioned.
• Statutory profit before tax was £62.3 million (30 June 2024: £65.3 million), after recognising amortisation of client relationship intangible assets of £22.2 million (30 June 2024: £22.0 million) and integration-related costs of £23.2 million (30 June 2024: £24.8 million). They continue to expect that acquisition and integration costs will decline substantially in 2026, supporting margin expansion and future growth in basic earnings per share.
