(Alliance News) - Rathbones Group PLC on Thursday looked to the future with confidence after recently sealing a tie-up with Investec Wealth & Investment UK.

The London-based investment and wealth management firm said total funds under management and administration, including IW&I, totalled GBP100.7 billion at the end of the third-quarter of 2023, up markedly from GBP60.5 billion at the end of June.

The latest funds under management figure includes a GBP40.8 billion contribution from Investec W&I.

Rahtbones said discretionary and managed net inflows amounted to GBP100 million during the third-quarter, slowing from GBP400 million a year prior.

"We continued to see strong levels of gross inflows (GBP1.2 billion in the quarter) albeit that these were largely offset by a continued trend in elevated outflows that reflect current conditions," Rathbones said.

Underlying net operating income in the third-quarter rose 6.5% on-year to GBP120.4 million from GBP113.0 million.

Rathbones completed the Investec W&I combination just before the end of the third-quarter.

Chief Executive Paul Stockton commented: "There is already a strong level of collaboration across the enlarged group and an ongoing dedication to keeping clients' interests at the forefront of everything we do.

"The scale that Rathbones now has positions us strongly to navigate current conditions successfully. We are confident in delivering the synergies associated with the IW&I transaction, together with our 2023 and 2024 operating margin guidance for the enlarged Rathbones group."

Rathbones shares were 0.8% lower at 1,527.50 pence each in London on Thursday morning.

By Eric Cunha, Alliance News news editor

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