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Rathbones Group (RAT) investor relations material
Rathbones Group Q1 2026 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operating income increased 9.4% year-over-year to £240.7 million in Q1 2026, driven by improved market levels and stable underlying wealth flows despite market volatility.
Net outflows totaled £0.8 billion, reflecting tax-driven withdrawals post-October 2024 Budget and continued outflows from low-margin execution-only services.
Financial highlights
Total operating income for Q1 2026 was £240.7 million, up from £220.1 million in Q1 2025.
Funds under management and administration (FUMA) ended at £113.6 billion, down from £115.6 billion at the end of 2025.
Wealth Management segment FUMA was £105.2 billion; Asset Management segment gross FUMA was £15.7 billion.
Wealth Management net outflows were £0.4 billion, with £0.2 billion from execution-only services; Asset Management net outflows were £0.4 billion.
Discretionary & Managed FUMA saw a net outflow of £229 million, while Execution Only saw a net outflow of £222 million.
Outlook and guidance
Interim results for the six months to 30 June 2026 will be announced on 29 July 2026.
Continued focus on disciplined execution of strategy and ambition to be the leading UK wealth manager.
- FUMA up 5.9%, margin at 25.8%, 2026 target 30%, with strong capital returns and synergy gains.RAT
H2 20257 Apr 2026 - Synergy-driven profit growth and margin expansion set the stage for further gains in 2026.RAT
Investor presentation16 Mar 2026 - Profit and margin growth accelerate as integration synergies and inflows drive performance.RAT
H2 20243 Feb 2026 - Underlying profit more than doubled as FUMA reached £108.9bn and integration synergies accelerated.RAT
H1 20242 Feb 2026 - FUMA rose 2.3% to £115.6bn, with 1.9% annualised net growth and improved segment outflows.RAT
H2 2025 TU15 Jan 2026 - FUMA at £109.0bn, profits resilient, and a £50m buyback announced post-integration.RAT
H1 202520 Oct 2025 - FUMA rose 3.7% to £113bn in Q3 2025, with income up 7.2% and synergy targets achieved.RAT
Trading Update15 Oct 2025 - FUMA stable at £108.8bn; Investec integration synergies outpaced first-year targets.RAT
Q3 2024 TU13 Jun 2025 - FUMA fell 4.7% to £104.1bn as migration and market volatility drove net outflows.RAT
Trading Update6 Jun 2025
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