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Pridham: OMGI leads as Rathbones jumps into top 10

Pridham: OMGI leads as Rathbones jumps into top 10

Rathbones was among the top 10 best selling fund groups in the UK in the third quarter, lifting the mid-tier discretionary manager into a league table dominated by trillion dollar global titans.

The author of the Pridham Report’s quarterly fund sales league Helen Pridham described the showing for the business, alongside names such as Fidelity and BlackRock, as ‘unusual’.

‘Rathbones have appeared in the top 10 once before - about a year ago. They are slowly and steadily gaining a following,’ she said.

‘It has been steadily building awareness of its product range among fund buyers in recent years and products such as Rathbone Ethical Bond and Rathbone Income have become increasingly popular.'

The house’s £341 million in net Q3 fund sales remained little more than a third of the £995 million claimed by Old Mutual Global Investors in first place, however.

Citywire AAA-rated Terry Smith’s Fundsmith followed on £601 million, with Legal & General and Baillie Gifford following on £586 million and £487 million respectively, and BlackRock rounding out the top five with £476 million.

In an interview with Wealth Manager this year, Rathbones Unit Trust Management chief executive Mike Webb (pictured) said that the recent recognition of the group’s fund range was the result of many years of legwork.

He said: ‘We started investing back in the business [when I joined in 2010], ensuring we had right remuneration schemes and had the right marketing, trying to create a clear strategy around being a focused boutique and not trying to be all things to all men.’

Around half of the net new money taken by Old Mutual over the three months flowed into its Cirilium multi-asset funds, managed by Paul Craig.

Citywire AAA-rated Richard Watts' Old Mutual UK Mid Cap fund and AA-rated Ian Heslop's Old Mutual Asia Pacific also picked up new cash.

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