LONDON (dpa-AFX) - Investment and wealth management services provider, Rathbone Brothers Plc (RAT.L), Tuesday, in its update for the year ended December 31, 2020, reported 8.6 percent growth in total FUMA, reflecting strong market movements and investments as well as continuing net inflows. The Group also announced the appointment of Clive Bannister as its new Chairman Designate.
The Group's Funds Under Management and Administration or FUMA totaled 54.7 billion pounds at December 31, 2020, an increase of 8.6 percent over 50.4 billion pounds at December 31, 2019.
Total net inflows across the group in 2020 were 2.1 billion pounds, compared to 0.6 billion pounds in 2019. While gross organic inflows stood at 3.3 billion pounds, acquired inflows were 0.6 billion pounds in investment management.
Separately, Rathbones said it appointed Clive Bannister as Chairman Designate and Non-Executive Director of the Company, to succeed Mark Nicholls, who is retiring as Chairman.
While Clive will join the Board with immediate effect, he will take up the role of Chairman following the conclusion of the 2021 Annual General Meeting on May 6, the company revealed.
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