British wealth manager Rathbone Brothers has reported a pre-tax profit of £43.7m for the first half of 2018, an increase of 64% compared to £26.6m in the year ago period.

The rise in profit was driven by the firm’s move to assign all legacy Curzon Street leases to a third party, thereby leading to a write-back of office relocation costs of £2.9m.

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The company’s underlying pre-tax profit for the quarter ended 30 June 2018 stood at £48.3m, an increase of 11% from £43.3m in the same period last year.

Funds under management (FuM) at the end of June 2018 totalled £39.9bn, up 2% from £39.1 billion as at 31 December 2017.

Underlying operating income in Investment Management rose 6% year-on-year to £135.3m.

Funds under management in Unit Trusts were £5.8bn at the end of June 2018, versus £5.3bn as at 31 December 2017. Underlying operating income in Unit Trusts surged 20% year-on-year to £17.9m.

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Rathbone Brothers CEO Philip Howell said: “The first half of 2018 has been a busy one for Rathbones as we progressed a full project agenda and announced the acquisition of Speirs & Jeffrey whilst maintaining our focus on day-to-day operations. We remain confident in the outlook for the business.”