Rathbones took a near-£1bn hit in net outflows in the first half of the year as it braces for fallout from a probe into the company following concerns raised by the financial watchdog. The wealth manager said it will take a knock from costs to improve its operations after a review by the Financial Conduct Authority uncovered compliance shortcomings.
Rathbones suffers near-£1bn net outflows
UKPulse Money DeskThe wealth manager took a near-£1bn hit in net outflows in the first half of the year due to a probe into the company by the Financial Conduct Authority.
- Rathbones suffered near-£1bn net outflows in the first half of the year
- Costs relating to the FCA probe are anticipated to reach £60m
- Funds under management and administration rose 10.7% year on year to £120.7bn
Why this matters: The impact of the FCA probe on Rathbones' operations and finances is significant.
What this means for you: If you are a Rathbones client, you may see changes to your portfolio or fees as a result of the company's efforts to improve its operations.