British wealth manager Rathbone Brothers has reported an underlying pre-tax profit of £43.3m for the first half of 2017, an increase of 22.7% compared to £35.3m in year ago period.

Pre-tax profit for the period ended 30 June 2017 rose 16.7% to £26.6m from £22.8m a year ago.

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Funds under management (FuM) at the end of June 2017 totalled £36.6bn, up 7% compared to £34.2bn at the end of December 2016.

Underlying operating income in Investment Management surged 17.1% to £127.4m from £108.8m in the previous year, mainly driven by growth in FuM.

Underlying operating expenses soared 16.7% year-on-year to £99.1m. The company attributed the rise mainly to variable staff costs.

The company recommended an interim dividend of 22 pence for 2017.

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Rathbone Brothers CEO Philip Howell said: “The first six months of 2017 has seen another busy period for Rathbones as we continue to deliver our strategic plans without detracting from our high standards of service to our clients.

“We remain confident in the medium term potential of our growth initiatives. Short term market conditions are dominated by a backdrop of ongoing geopolitical uncertainty and we will continue to invest with discipline.”