Rathbones has reported a 120% surge in profits in the first half of the year, as the firm’s merger with Investec Wealth and Investment surpassed growth targets.
According to its half-year results published today (31 July), the firm's underlying profits before tax reached £112.1m in the six months to 30 June. This was in line with analyst consensus, which predicted that the figure would stand at £111.9m in the period. The strong results show the merger with Investec, which completed in September last year and created a £100bn wealth manager, has started to pay off. Rathbones CEO Paul Stockton said the firm has "achieved realisation ahead of target, with run-rate synergies of £20m delivered to the end of June", beating its one-year post-combinatio...
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