Rathbones has changed the structure of its investment managers’ remuneration packages to more closely align pay to performance.
The move follows a review of its investment managers’ remuneration last year and will provide additional incentives, based around generating organic growth from their existing client books and new business.
CEO Philip Howell (pictured) told Wealth Manager: ‘There are a number of ways in which you can calculate profitability. The remuneration structure needed a refresh and the change was to reflect a more direct link between business brought in and the value of the revenue, and it is important that any non-compliant behaviour is reflected in the remuneration structure.’
Rathbones, which announced its full-year results last week, also revealed it is to undertake a review of its internal culture. Howell (pictured) insisted this reflects the fact the company is ‘self-critical’ and ‘always looking to improve’.
The firm also revealed that its Newcastle office, opened in February 2013, has reached £361 million in assets and Glasgow, launched in May 2015, has built up £296 million.