Rathbones FUMA falls 4.7% as Investec Wealth merger approaches completion

In a Q1 update published today (8 May), the group's FUMA fell to £104.1bn at the end of March, down from £109.2bn three months prior. The wealth management wing went from £93.4bn to £88.7bn while the asset management faction remained relatively flat at £15.4bn down from £15.8bn. The topline asset flows "reflected market volatility" during the period, and Rathbones CEO Paul Stockton said "in a quarter that witnessed some considerable market turbulence, the group saw net outflows, primarily due to a lower level of gross inflows as the final stages of the migration process impacted IW&I ...