Rathbones hits £115.6bn in funds despite rising Q4 outflows
Rathbones has reported a rise in total funds under management (FuM) to £115.6 billion for Q4 2025. The growth comes despite challenges, including higher net outflows compared to the previous year.
The company has also completed the integration of the Investec Wealth & Investment UK business, marking a shift toward organic expansion under new leadership.
Over the last 12 months, Rathbones’ wealth management division grew by £6.9 billion, reaching £106.2 billion. Meanwhile, its asset management arm saw a smaller increase of £800 million, bringing total assets to £16.6 billion.
However, Q4 2025 brought setbacks. Net outflows in wealth management narrowed to £64 million, down from £180 million the year before. Yet, asset management faced a sharper reversal—shifting from £41 million in net inflows to £93 million in outflows. Overall, Rathbones recorded net outflows of £500 million, up from £300 million in the same period last year.
The company focused much of 2025 on integrating the Investec Wealth & Investment UK business. With that process now nearly complete, CEO Jonathan Sorrell is turning attention to organic growth. The strategy relies on leveraging Rathbones’ existing strengths rather than further acquisitions.
Elsewhere in the sector, rival firm Liontrust reported £1 billion in outflows for its latest quarter.
Rathbones enters 2026 with a larger fund base but higher outflows in key divisions. The completion of the Investec integration allows the company to prioritise organic growth. Leadership will now focus on stabilising performance and building on its expanded scale.
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