Wealth management group, RHJ International, released their second trading update for the fiscal year showing a 15% growth in assets under management (AuM) across their wealth and asset management arms. The total asset value is now EUR 11.5 billion compared to EUR 10 billion at the end of 2012.
The AuM at Kleinwort Benson Investors (KBI), a leading private bank owned by RHJI, rose by 26% to EUR 4.6 billion as of the end of September 2013, a EUR 1.2 billion rise from 2012. The third quarter alone had growth of 14%, driven by positive market movements at the time.
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Moreover, Kleinwort Benson Wealth Management saw an 11% increase in AuM with net inflows coming in from both investing assets and deposits. The value is now £5.8 billion compared to the £5.2 billion they had the previous year.
However, the bank said their current momentum has ‘not yet translated into profitability,’ but they ‘expect the trend to improve as they enter 2014.’
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