UK's Rathbone names new chairman, posts 8% jump in managed funds

(Reuters) - Wealth manager Rathbone Brothers on Tuesday named former Phoenix Chief Executive Officer Clive Bannister as chairman and posted an 8.6% jump in total funds at the end of 2020, helped by strong market movements in the last quarter.

Bannister will take over from Mark Nicholl, who will retire at the company's 2021 general meeting in May after spending nearly a decade in the role.

Separately, the company said funds under management and administration (FUMA) rose to 54.7 billion pounds ($74.20 billion) as at Dec. 31, 2020, from 50.4 billion pounds a year earlier.

While Rathbone saw a rise in net organic outflows during the first half of 2020 due to a pandemic-led selloff, a rebound has since ensued on the back of government stimulus and hopes of quick economic recovery, fuelled by COVID-19 vaccine developments.

"Total FUMA (rose)... reflecting not only strong market movements in the last quarter, but also continuing net inflows and strong investment performance," the company said.

Rathbone saw total net inflows of 2.1 billion pounds in 2020, up from 0.6 billion pounds a year earlier, although the company warned it continued to expect market volatility in the current year.

The FTSE 250-listed company provides individual investment and wealth management services for private clients, charities, trustees and professional partners.

($1 = 0.7372 pounds)

(Reporting by Muvija M in Bengaluru; Editing by Ramakrishnan M.)