Investment management and Financial Planning group Rathbones has increased funds under management and administration (FUMA) by 25%, according to the first trading update since the completion of its acquisition of Saunderson House.

FUMA were £68.2bn at 31 December.

This compared to £54.7bn at 31 December 2020.

Rathbones acquired Financial Planner Saunderson House for £150m in June, with the deal completing in October.

According to the latest trading update from Rathbones, Saunderson House now has £4.9bn in FUMA.

Before the takeover, Saunderson House had £4.7bn in Funds Under Management or Advice, 2,200 clients and 55 financial advisers.

The acquisition increased the number of Financial Planners at Rathbones from 25 to 80. 

In a statement to Financial Planning Today in 2021, Saunderson House said the pandemic had been tough for the firm and had forced it to cut costs by making some staff redundant.

In today’s trading update, Rathbones said it remains in a strong position to secure the delivery of its ambitions for Saunderson House.

Rathbones Investment Management business saw FUMA rise 12% to £50.3bn at 31 December.

The investment management business recorded gross inflows of £4.5bn for the full year (2020: £3.9bn) with net organic inflows of £0.8bn (2020: £0). Total net inflows of discretionary FUMA in the year were £1.2bn (2020: £0.9bn), with a net growth rate of 2.8% (2020: 2.2%).

Rathbone Funds saw a 32.7% increase in FUMA to £13bn.

The funds business recorded £4.4bn gross inflows for the full year (2020: £3.6bn) and net inflows of £2.1bn (2020: £1.5bn), representing an organic growth rate of 21.1%.

The firm changed its name to Rathbones Group Plc, from Rathbone Brothers Plc, in December. 

The board said that the growth of the group over the last decade had led to a desire for a name that reflected “more accurately the collection of businesses, teams and individuals who form the Rathbones Group today.”

The company provides a wide range of financial services covering investment management, Financial Planning, advice to charities and other services.

The full annual results for the year ended 31 December will be published on 24 February.