* Underlying pretax profit jumps 13 pct to 50.5 mln stg
* Net organic growth of 900 mln stg
* Full-year dividend up 4.3 pct to 49 pence/shr
By Jemima Kelly
LONDON, Feb 20 British upmarket fund manager
Rathbone Brothers posted a 15 percent increase in pretax
profit in 2013, boosted by buoyant global financial markets and
inflows from clients.
In its full-year report on Thursday, Rathbone announced
earnings of 44.2 million pounds ($73.9 million) for the year,
spurred by a 9 percent rise in net inflows of new money from
clients coaxed into investing more by recovering markets.
Total funds under management reached 22 billion pounds at
the end of 2013, compared with 18 billion a year earlier.
Finance Director Paul Stockton said the company was
optimistic about growth in the year ahead and management was
keeping an open mind about possible acquisitions as a means to
"We certainly ended 2013 very well so there's no reason to
think 2014 will be any different," Stockton told Reuters.
Rathbone's results kick off the earnings season for the
British fund management sector, which is coming under increasing
regulatory scrutiny since the financial crisis, tempering some
of the industry's optimism about recovering markets.
Underlying profit before tax, which excludes exceptional
expenses such as costs incurred during relocation of the group's
head office, were up 12.5 percent at 50.5 million pounds,
slightly ahead of analyst forecasts of 49.6 million.
Rathbone said it would pay a final dividend of 31 pence per
share, bringing the total to 49 pence for the year.
Chief Executive Andy Pomfret will step down on Feb. 28 after
10 years at the helm of the company, to be replaced by his
current deputy, Philip Howell, who joined last March.