Rathbones Group PLC - London-based investment and wealth management firm - Says funds under management and administration at the end of the first quarter of 2023 amounted to £60.9 billion, up 1.2% from £60.2 billion at the end of 2022. Underlying net operating income for the quarter fell by 2.2% to £117.8 million from £120.5 million.

Chief Executive Officer Paul Stockton says: ‘Rathbones remains on track to meet operating margin targets provided in the 2022 preliminary results.’

Expects merger with Investec Wealth & Investment Ltd to complete in the coming months, subject to regulatory approval.

Current stock price: 1,910.00 pence, down 1.4% on Thursday

12-month change: down 8.6%

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