First quarter trading update for the three months ended 31 March 2026

7 May 2026 Location:All

Continued focus on disciplined execution of our strategy

Jonathan Sorrell, Group Chief Executive Officer of Rathbones

"Operating income grew 9.4% compared with Q1 2025, reflecting improved market levels relative to the prior year. Underlying flows in our wealth proposition continued to stabilise during the first quarter against a volatile market backdrop. Excluding execution-only services, wealth flows were broadly flat in Q1 after absorbing an estimated increase of £0.2 billion of tax-driven withdrawals as a consequence of the October 2024 Budget, activity that was concentrated in January.

At group level, net outflows in the quarter largely reflected this elevated tax-related activity, together with ongoing outflows from low-margin execution-only services and the continued challenging operating environment in UK retail active asset management.
We remain focused on executing our strategy with discipline and consistency of purpose as we pursue our ambition to be the best wealth manager in the UK, by far."

Financial Highlights:

•    Total operating income for the quarter was £240.7 million, up 9.4% from £220.1 million in Q1 2025.
•    Funds under management and administration ("FUMA") totalled £113.6 billion at the quarter end (31 December 2025: £115.6 billion) comprising:
•    £105.2 billion in the Wealth Management segment (31 December 2025: £106.2 billion).
•    £15.7 billion of gross FUM in the Asset Management segment (31 December 2025: £16.6 billion), equivalent to £8.4 billion on a consolidated basis, after excluding Wealth Management FUMA invested in Asset Management funds (31 December 2025: £9.4 billion).
•    Total net outflows in the quarter were £0.8 billion (Q1 2025: £0.8 billion), comprising:
•    Wealth Management net outflows of £0.4 billion (Q1 2025: £0.5 billion), with £0.2 billion of this related to execution‑only services.
•    Asset Management net outflows of £0.4 billion (Q1 2025: £0.3 billion).

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Annual General Meeting and interim results dates:

Annual General Meeting
The Annual General Meeting (AGM) will be held today, 7 May, at 9:00am at our London head office at 30 Gresham Street, London, EC2V 7QN. Similar to last year, the Board has made arrangements to enable members to attend and participate in the meeting electronically should they wish to do so. Instructions on how to attend and participate electronically are set out in the Notice of AGM.

Interim results
The interim results for the six months to 30 June 2026 will be announced on 29 July 2026.

Detailed financial information

Operating income:

Quarter ended 31 March	2026 £m	2025 £m	Change £m	Change %
Wealth Management
Fees	151.9	137.1	14.8	10.8%
Commissions	26.9	24.3	2.6	10.7%
Net interest income¹	23.2	16.1	7.1	44.1%
Fees from advisory services²	15.9	14.7	1.2	8.2%
Other income¹	1.3	6.9	(5.6)	(81.2)%
	219.2	199.1	20.1	10.1%
Asset Management	21.5	21.0	0.5	2.4%
Operating income	240.7	220.1	20.6	9.4%
1. Net interest income should be considered in conjunction with 'Other income' which includes net interest margin on client money balances. In 2025, prior to the IW&I migration, the income generated from IW&I client money deposits was reported within 'Other income'. This is now included in 'Net interest income'. 2. Including income from financial planning services, trust and tax.

Funds under management and administration:

(I) Segment FUMA

Quarter ended 31 March and 5 April 2026	Opening FUMA £m	Gross inflows £m	Gross outflows £m	Net flows £m	Transfers £m	Market & investment performance £m	Closing FUMA £m	Annualised Net Growth (%)
Wealth Management³	106,205	2,767	(3,194)	(427)	–	(584)	105,194	(1.6)
Asset Management
Gross segment FUMA inclusive of intra-group	16,600	865	(1,115)	(250)	–	(667)	15,683	(6.0)
Intra-group FUMA⁴	(7,188)	(437)	269	(168)	–	113	(7,243)	9.3
Asset Management excluding intra-group	9,412	428	(846)	(418)	–	(554)	8,440	(17.8)

Total Group	115,617	3,195	(4,040)	(845)	–	(1,138)	113,634	(2.9)
3. FUMA at 5 April 2026 of £105.2 billion includes £51.8 billion in respect of which the first quarter fees were applied using the FUMA value on 31 March 2026. The value of this FUMA at 31 March 2026 was £51.0 billion 4. Intragroup FUMA comprises assets managed by the Asset Management segment which relates to propositions of the Wealth Management segment.

(II) Breakdown of segmental FUMA and flows

Quarter ended 31 March and 5 April 2026	Opening FUMA £m	Gross inflow £m	Gross outflow £m	Net flows £m	Transfers £m	Market and investment performance £m	Closing FUMA £m	Annualised Net Growth %
Discretionary & Managed	94,707	2,497	(2,726)	(229)	(30)	(621)	93,827	(1.0)
MPS & Select services	4,073	81	(57)	24	–	(69)	4,028	2.4
Execution only	7,425	189	(411)	(222)	30	106	7,339	(12.0)
Wealth Management³	106,205	2,767	(3,194)	(427)	–	(584)	105,194	(1.6)
Multi Asset funds	9,361	513	(456)	57	–	(296)	9,122	2.4
Single Strategy funds	7,239	352	(659)	(307)	–	(371)	6,561	(17.0)
Asset Management - gross segmental FUMA	16,600	865	(1,115)	(250)	–	(667)	15,683	(6.0)
Intra-group FUMA⁴	(7,188)	(437)	269	(168)	–	113	(7,243)	9.3
Asset Management excluding intra-group	9,412	428	(846)	(418)	–	(554)	8,440	(17.8)

Total Group	115,617	3,195	(4,040)	(845)	–	(1,138)	113,634	(2.9)

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