Rathbones Group (RAT) Investor presentation summary

Strategic positioning and market overview

• Achieved tenfold growth in FUMA over 20 years, reaching £120.7bn by mid-2026, driven by over 10 acquisitions and a strong client base of 119,000 clients.

• Operates in a UK wealth market expected to grow from £2.8tn to £3.5tn by 2029, with high-net-worth segments expanding at 6% CAGR.

• Maintains a nationwide presence with 21 offices and a focus on London, which holds 53% of FUMA.

• Targets nearly 3 million individuals with £2.2tn in assets, segmented by age and wealth for tailored offerings.

• Differentiates through comprehensive services, high service standards, and digital innovation, including AI-powered lead generation.

Business model and operational strengths

• Wealth Management core business holds £112.1bn FUM, supported by 700+ advisors with high tenure.

• Asset Management manages £16.3bn AUM, with flagship funds consistently outperforming benchmarks.

• Asset Management enhances Wealth through scalable investment engines and unified sustainability research.

• AI is embedded across workflows, improving productivity, client engagement, and operational efficiency.

• Client base is diversified by service, relationship size, fund type, and geography, with a significant portion in discretionary and managed services.

Strategic execution and performance

• Delivered strong H1 2026 results: FUMA up 10.7% to £120.7bn, operating income up 8.6%, and underlying PBT up 14.4%.

• Achieved full synergy benefits from recent integrations, supporting profit growth and margin improvement.

• Wealth Management returned to net inflows in Q2 2026, while Asset Management faced continued outflows amid industry trends.

• Maintains a progressive dividend policy, with dividends and EPS both increasing in H1 2026.

• Strong capital position with CET1 ratio at 16.8% and a capital surplus of £166m.