Rathbones saw its funds under management boosted in 2014 thanks to deals with Jupiter Asset Management and Deutsche Asset and Wealth Management.
Rathbones has reported a jump in assets under management, to over £27bn, but taken a cautious stance on the outlook for investors over the next 12 months.
Five fund houses predict the future for 2015
Morningstar head of portfolio management Dan Kemp has branded risk targeting strategies "lunacy", saying they force managers to sell assets at a time when investors will lose the most money.
Rathbone Unit Trust Management suffered a £230m net outflow in 2009, taking its total funds under management down to £940m at 31 December.