British wealth manager Rathbone Brothers posted a net operating income of £75.4m for the first quarter of 2018, an increase of 7% compared to £70.6m in the previous year.

Net operating income at the group’s investment management unit was £66.6m for the quarter ended 31 March 2018, a rise of 5% from £63.3m in the same period last year.

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Total funds under management (FuM) were £37.8bn at the end of March 2018, a fall of 3% compared to £39.1bn at the end of December 2017 and up 5% from £35.8bn a year ago.

Rathbones CEO Philip Howell said: “Although investment markets fell back a little in the first quarter of 2018, trading was solid with net operating income up 6.8% from the same period last year. Total funds under management fell 3.3% to £37.8bn during the quarter, compared with decreases in the FTSE 100 Index and the MSCI WMA Private Investor Balanced Index of 6.4% and 3.8% respectively.”

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