Rathbones has partnered with Credit Suisse to offer a range of private banking products and services to its private office clients.
The arrangement, announced in Rathbones’ first quarter update to the stock market this morning, will enable the wealth manager to offer a broader range of lending and specialist services to its high end clients. These will sit alongside Rathbones’ existing discretionary fund management offering.
The firm said: ‘Development of the Rathbone Private Office (RPO) advanced with the agreement of an external asset manager relationship with Credit Suisse. This arrangement will enable the RPO to offer a wealth advisory service that has access to a full range of specialist private banking products, services and lending solutions to complement Rathbones' own discretionary fund management, tax, trust, financial planning and banking services.’
The private client manager revealed last year it was launching the office for clients with assets of between £10 million and a £100 million.
The decision was the idea of Rathbones chief Philip Howell (pictured), who took over in March 2014.
At a group level, Rathbones announced that total funds under management rose 0.3% from £29.2 billion to £29.3 billion in the first three months of the year. By way of comparison, the group pointed out that the FTSE 100 fell by 2.4% over the same period, while the FTSE WMA Balanced index returned 0.2%.
Net growth of funds under management was £234 million, while net operating income from funds under management was £53.5 million, down 2.2% from £54.7 million year-on-year.
The group announced that fee income rose 8.3% year-on-year to £37.7 million, but commission income was down 31.9% to £9.8 million, reflecting lower trading volumes and the ongoing transition to fee-based income.
Rathbones’ unit trust business saw funds under management rise 3.2% to £3.2 billion in Q1 following net inflows of £130 million. Underlying net operating income was up 17.4% year-on-year to £5.4 million.