Rathbones Group (RAT) H2 2025 TU earnings summary

Executive summary

• Funds under management and administration (FUMA) rose 2.3% to £115.6 billion as of 31 December 2025, up from £113.0 billion at 30 September 2025 and £109.2 billion at 31 December 2024.

• Integration of Rathbones and Investment Wealth & Investment UK nears completion, positioning for future organic growth.

Financial highlights

• Wealth Management segment FUMA reached £106.2 billion, up from £103.2 billion at 30 September 2025 and £99.3 billion at 31 December 2024.

• Asset Management segment FUMA increased to £16.6 billion, compared to £16.3 billion at 30 September 2025 and £15.8 billion at 31 December 2024.

• Total net outflows for Q4 2025 were £0.5 billion, compared to net outflows of £0.3 billion in Q4 2024.

Segment performance

• Wealth Management segment saw net outflows of £64.0 million in Q4 2025, an improvement from £180.0 million net outflows in Q4 2024.

• Asset Management segment experienced net outflows of £93.0 million in Q4 2025, compared to net inflows of £41.0 million in Q4 2024.

• £307.0 million of Wealth Management inflows were invested in the Asset Management segment in Q4 2025.

• Annualised net growth for total group FUMA was 1.9% for the year ended 31 December 2025.