FUTURE FOCUSED

Client Driven

REPORT & ACCOUNTS 2024

As we reflect on the

growth of the Group, we are

FOCUSING ON THE FUTURE

and the opportunities this

offersour stakeholders, ensuring

we continue to deliver value

through this time of change.

DELIVERING

FOR OUR CLIENTS

We remain committed to

our clients as we work to

migrate onto one platform.

Read more on page 06

On 21 September 2023, following regulatory approval,

Rathbones Group Plc completed its planned combination

with Investec Wealth & Investment UK (from here in referred

to as IW&I). Throughout this report, figures stated include

IW&I, unless otherwise indicated. Where practicable,

a like-for-like comparative has been included.

CONTENTS

Our reporting suite

This Report and Accounts forms part of our wider reporting

suite where you can find more about our full activities.

FURTHER INFORMATION LINKS

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to indicate where you can find out more.

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Climate Report 2024 Responsible Business Update 2024

2 STRATEGIC REPORT

About Rathbones

Highlights

A year in focus

Investment case

Chair’s statement

Group Chief Executive Officer’s review

Our external markets

Our purpose driven approach

Our culture and values

Our business model

Our strategic priorities

Section 172 statement

Our approach to stakeholder engagement

Our key performance indicators

Group Chief Financial Officer’s review

Financial performance

Segmental review

Financial position

Liquidity and cash flow

Risk management and control

Principal risks

Viability statement

Responsible business review

Climate-related financial disclosures

Non-financial and sustainability

information statement

91 GOVERNANCE REPORT

Chair’s letter

100

Nomination Committee report

106

Audit Committee report

111

Group Risk Committee report

114

Remuneration Committee report

118

Annual report on remuneration

131

Directors’ report

134

Statement of Directors’ responsibilities

135 FINANCIAL STATEMENTS

136

Independent auditor’s report to the

members of Rathbones Group Plc

146

Consolidated financial statements

150

Notes to the consolidated

financial statements

211

Company financial statements

214

Notes to the company

financial statements

233 FURTHER INFORMATION

234

Five-year record

234

Corporate information

01RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

ABOUT RATHBONES

INVESTMENT MANAGEMENT

Clients of this discretionary service can expect

a tailored investment strategy that meets

individual objectives backed by an investment

process that aims to provide risk-adjusted

returns to meet clients’ needs today and

in the future.

OUR SPECIALIST CAPABILITIES

— Charities and not-for-profit organisations

— Our specialist ethical arm, Greenbank

— Personal Injury and Court of Protection

— Ability to service international clients through

Rathbones Investment Management

International (RIMI).

OUR SERVICES

Bespoke service

Provides clients access to a dedicated

investment manager who will construct and

manage a bespoke portfolio that is specifically

tailored to their needs.

Managed service

Provides clients with access to a dedicated

investment manager who will invest in a

range of ready-made, diversified multi-asset

portfolios managed by Rathbones Asset

Management (RAM).

Select

Provides clients direct access to a range of

ready-made, diversified multi-asset portfolios

managed by RAM. Select does not come with

a dedicated investment manager; it is a more

appropriate and cost-effective solution for

smaller value portfolios.

Rathbones Asset Management is a UK fund

manager, offering actively managed equity,

fixed income and multi-asset capabilities

for retail- and institutional-type investors.

Our range of single-strategy and multi-asset

funds are designed to potentially meet

investors’ core investment needs, or provide

‘building blocks’ for wealth solutions, with

distribution primarily through UK advisors.

International clients may also access our funds

through the Rathbone Luxembourg Funds

SICAV, which allows access to a similar range

of actively managed funds.

With offices throughout the UK and the

Channel Islands, clients are never far away

from high-quality, personalised wealth

management services.

1. Includes Vision Independent Financial Planning

FINANCIAL PLANNING AND ADVICE

We provide financial planning and advisory

services through Rathbones Financial Planning

and Vision Independent Financial Planning.

We also offer UK trust, tax and legal services

through the Rathbones Trust Company.

Clients can choose a financial planning service

as a standalone offering or combine it with

one of our Investment Management services.

We can deliver our financial planning services

to clients in one of the following ways:

— Initial advice, which could be delivered

as a one-off service

— Ongoing advice and planning.

COMPLEMENTARY SERVICES

As a licensed deposit taker we are able to offer

our clients a range of banking services including

currency and payment services, fixed interest

term deposits and loans to existing clients.

We are now able to offer SIPP administration

services to clients.

Wealth management Asset management Where we do it

LOCATIONS IN THE UK

AND CHANNEL ISLANDS

£109.2bn

MANAGED BY US

FOR OUR CLIENTS

FTSE 250

COMPANY LISTED ON THE

LONDON STOCK EXCHANGE

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

02RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

For a full five-year record

see pag

e 234

Financial highlights

PROFIT BEFORE TAX

£99.6m

2023: £57.6m

UNDERLYING PROFIT

BEFORE TAX

£227.6m

2023: £127.1m

RETURN ON CAPITAL

EMPLOYED (ROCE)

4.8%

2023: 4.9%

UNDERLYING RETURN

ON CAPITAL EMPLOYED

(ROCE)

12.0%

2023: 12.1%

BASIC EARNINGS

PER SHARE

63.0p

2023: 52.6p

UNDERLYING EARNINGS

PER SHARE

161.6p

2023: 135.8p

DIVIDEND PAID AND

PROPOSED PER SHARE

93.0p

2023: 87.0p

* This measure is considered an alternative

performance measure (APM). Please refer

to p

age 43 for more detail on APMs

1. A reconciliation between underlying profit

before tax and profit before tax is shown

on page 42

2. Underlying profit after tax as a percentage

of underlying quarterly average equity

at each quarter end

3. This highlight excludes IW&I

Strategic highlights Stakeholder highlights

NUMBER OF

INVESTMENT MANAGERS

678

2023: 681

NUMBER OF

FINANCIAL PLANNERS

122

2023: 117

CLIENT NET

PROMOTER SCORE

56%

2023: 43%

EMPLOYEE SHARE

OWNERSHIP

7.9%

2023: 6.3%

TOTAL FUNDS UNDER

MANAGEMENT AND

ADMINISTRATION (FUMA)

£109.2bn

2023: 105.3bn

STEWARDSHIP

ENGAGEMENTS

WITH COMPANIES

743

2023: 752

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 03

HIGHLIGHTS OF 2024

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

03RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

FUTURE FOCUSED

The client consent process

is now largely complete such

that we expect to migrate

onto a single operating

platform by the end of

the first half of 2025.

CONSOLIDATING OUR CLIENT BASE

Our clients’ interests are a key consideration

in everything we do. In 2024, we worked

hard to ensure a smooth transition for our

clients from IW&I to Rathbones Investment

Management. This process continues in 2025.

We are delighted to see an increase in the

number of clients using MyRathbones (up to

61.1% from 58%) to access information on their

investments and advice.

Read more: See page 17

A positive culture is the heartbeat

of our organisation, and in 2024,

we took meaningful steps to

strengthen it.

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

06RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

INVESTMENT CASE

A growing business with rewarding characteristics for investors

Rathbones specialises in the UK wealth market which benefits from embedded structural growth,

underpinned by strong long-term trends that support the demand for our services.

Relationship-led

business model

Trusted brand

operating

atscale

Leveraging

anin-house

asset manager

Investing in

marketing and

distribution

Operating

responsibly

Accelerating

growth with

acquisitions

Robust

financials

A banking

licence

Established

and trusted client

relationships that

secure flows for

the long-term.

Tailored propositions

that offer choice

and flexibility to

clients and advisors.

A well-established

and independent

UK wealth brand

in the FTSE 250.

The scale to invest in

service improvement

and technology.

Multi-asset and single

strategy investment

capability.

A useful earnings

diversifier as Asset

Management is

subject to different

revenue/cost drivers

than Wealth

Management.

Stronger marketing

and distribution

through both direct

and indirect channels.

Active product

development to meet

the ever-changing

needs of clients

and advisors.

Constructive

relationships

with regulators.

A commitment to

generating long-term

value that benefits

society.

Inorganic

opportunities that

strengthen our

proposition and

accelerate growth.

A stable revenue

margin and recurring

income stream.

Margin enhancement

with scale.

Highly cash

generative.

Future capital

optimisation potential

and a progressive

dividend policy that

has been in place for

more than 25 years.

Ability to offer clients

a range of banking

services including

loans secured against

portfolios and fixed

interest term deposits.

A diversified

revenue stream.

See page 18

See page 2

See page 49

See page 19

See page 69

See page 14

See page 135

See page 2

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

07RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

08RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

CLIVE C R BANNISTER

CHAIR

Find out more about

our stakeholder activities

The Groupʼs clients are at the

heart of our strategy and their

interests are a key consideration

in everything that we do.

Understanding the views of our

shareholders is essential to us

delivering long-term sustainable

financial returns.

See page 26

See page 30

The role of the Board in

providing effective leadership

to promote the long-term

success of the firm.

Understanding the views and

interests of our stakeholders

helps the Group to make

better decisions.

See page 92

See page 24

DEAR SHAREHOLDER

In 2023, we announced our combination

with IW&I. Throughout 2024, we have made

significant strides to integrate the two

businesses to further our position as the UKʼs

leading discretionary wealth manager. We have

exceeded both the strategic and financial

objectives that we set for ourselves in the

first year following the announcement. This is

testament to the hard work, commitment,

and collaboration of all of our colleagues.

CLIENTS

Our clients have always been, and will continue

to be, at the heart of our business. Their

interests remain paramount in everything we

do. This is demonstrated by our Net Promoter

Score (NPS) of 56%, above the industry average

of 54%. This score is reassuring, particularly at

a time of transition for the firm, that our client

service and experience has continued to

be strong.

Following the combination with IW&I,

we prioritised client engagement in 2024,

focusing on providing reassurance and stability.

We will strengthen these relationships

throughout 2025, as clients move on to the

Rathbones platform.

COLLEAGUES

The Board recognises the hard work and

commitment of our colleagues during this

year of change and transition. This year has

presented both challenges and opportunities

as we navigated a transformative combination,

requiring adjustments to new structures and

ways of working. On behalf of the Board, I want

to express my gratitude for their contributions

during this pivotal time.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 08

CHAIRʼS STATEMENT

Honouring our past,

shaping our future

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

09RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

CLIVE C R BANNISTER

CHAIR

Find out more about

our stakeholder activities

The Groupʼs clients are at the

heart of our strategy and their

interests are a key consideration

in everything that we do.

Understanding the views of our

shareholders is essential to us

delivering long-term sustainable

financial returns.

Read more: See page 24

DEAR SHAREHOLDER

In 2023, we announced our combination

with IW&I. Throughout 2024, we have made

significant strides to integrate the two

businesses to further our position as the UKʼs

leading discretionary wealth manager. We have

exceeded both the strategic and financial

objectives that we set for ourselves in the

first year following the announcement. This is

testament to the hard work, commitment,

and collaboration of all of our colleagues.

CLIENTS

Our clients have always been, and will continue

to be, at the heart of our business. Their

interests remain paramount in everything we

do. This is demonstrated by our Net Promoter

Score (NPS) of 56%, above the industry average

of 54%. This score is reassuring, particularly at

a time of transition for the firm, that our client

service and experience has continued to

be strong.

Following the combination with IW&I,

we prioritised client engagement in 2024,

focusing on providing reassurance and stability.

We will strengthen these relationships

throughout 2025, as clients move on to the

Rathbones platform.

COLLEAGUES

The Board recognises the hard work and

commitment of our colleagues during this

year of change and transition. This year has

presented both challenges and opportunities

as we navigated a transformative combination,

requiring adjustments to new structures and

ways of working. On behalf of the Board, I want

to express my gratitude for their contributions

during this pivotal time.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 08

CHAIRʼS STATEMENT

Fostering a stable and equitable culture

is essential to motivate and reward our

colleagues, who are the foundation of

Rathbonesʼ success. The Boardʼs workforce

engagement programme ensures we consider

employee perspectives and strengthens the

connection with our colleagues.

The Board is committed to regularly reviewing

workforce metrics, such as engagement

survey results, retention rates, and satisfaction,

to drive continuous improvement. We will

continue to do this in 2025 and beyond.

ENGAGING WITH SHAREHOLDERS

We are committed to fostering meaningful

engagement with our shareholders. We deeply

value the open and transparent communication

that we maintain with our investors, and I am

personally grateful for the opportunity to

connect with many of you over the past year.

These conversations are vital in helping us align

our strategy with your expectations. I look

forward to continuing our productive dialogue

in the future.

SHAREHOLDER RETURNS

AND DIVIDENDS

Rathbones is focused on driving long-term

shareholder value. We therefore reaffirm our

progressive dividend policy, which has been

in place for more than 25 years and has never

seen a reduction in the dividend.

In July, we announced an interim dividend of

30p. Given the strength of our balance sheet

and our confidence in the long-term future of

the business, the Board has recommended a

final dividend of 63p per share. This brings the

total dividend for the year to 93.0p per share

(2023: 87.0p), representing a 6.9% increase

compared to 2023.

The final dividend is scheduled to be paid on

13 May 2025, subject to shareholder approval

at our Annual General Meeting (AGM) on 8 May

2025, to shareholders on the register as of

11 April 2025.

GOVERNANCE AND CULTURE

The Board places a strong emphasis on good

governance, as a cornerstone of long-term

enterprise success. We are committed to high

standards of transparency, accountability,

and ethical conduct at every level of the

organisation. This is supported by a robust

governance framework. We conduct regular

reviews of our governance processes, including

independent risk assessments, to ensure

effective oversight.

We recognise that good governance goes

beyond mere compliance. It is about creating

a positive and inclusive culture that aligns with

our values and strategic objectives. We strive

to build an environment where employees feel

empowered to share their diverse perspectives

and expertise. This culture not only allows for

personal growth, but also contributes to the

long-term sustainability of our business.

The Board views leadership as a key enabler

of this culture and seeks to set the tone

throughout the organisation. In line with this,

the Board uses a culture dashboard to evaluate

progress and impact. As our purpose and values

work for the enlarged Group is completed, the

dashboard will be updated.

This year, in line with the UK Corporate

Governance Code, the Board appointed an

external evaluator to review its effectiveness

and performance. The overall findings and tone

of the report was positive and indicated that the

Board and its committees continued to operate

effectively. The Board will work to consider

opportunities for incremental improvements

during the year ahead. Further information

on both the culture dashboard and the

independent Board effectiveness review can be

found in the full Corporate Governance Report.

BOARD COMPOSITION AND SUCCESSION

Following significant changes in 2023, the

composition of the Board has remained stable

in 2024.

Sarah Gentleman, Senior Independent Director,

has exceeded her nine-year tenure on the Board.

The Nomination Committee has agreed to

extend her tenure in order to ensure continuity

on the Board following the combination with

IW&I. Succession planning is always a priority,

and we will consider non-executive director

succession during 2025.

The Board has aligned its diversity policy for

appointments with the new targets outlined in

the Listing Rules and is proud to have met these

objectives. As of the end of 2024, our Board

comprises four female directors out of nine,

exceeding the FTSE 350 commitment for

female Board representation set by the FTSE

Women Leaders Initiative. We also continue to

meet the requirements of the Parker Review,

with at least one director from an ethnic

minority background.

LOOKING AHEAD

The integration of IW&I is progressing well.

We are excited to build on the momentum of

2024 as we operate as a unified and cohesive

business. Concluding the integration in 2025

will mark a pivotal moment in our journey.

We remain confident that it will support growth

and enhance the propositions and investment

output we can deliver to our clients in 2025

and beyond.

On behalf of the Board, I would like to

express our sincere gratitude to our clients,

shareholders, colleagues, and wider

stakeholders for your support and commitment

during this transformative year. Your continued

trust and engagement are invaluable and will

remain so, as we navigate Rathbonesʼ next

exciting phase of growth. We look forward to

achieving even greater milestones in Rathbonesʼ

illustrious 283 year history.

CLIVE C R BANNISTER

CHAIR

25 February 2025

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 09

CHAIRʼS STATEMENT

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

10RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

PAUL STOCKTON

GROUP CHIEF

EXECUTIVE OFFICER

Find out more on our activities

and strategic progress

OUR STRATEGY

Our strategy sets our four

key strategic objectives.

OUR INVESTMENT CASE

A growing business with rewarding

characteristics for investors.

See page 19

See page 07

OUR MARKET

Helping clients manage their

finances in a changing world.

OUR PRINCIPAL RISKS

Our approach to risk

management is fundamental

to supporting the delivery

of our strategic objectives.

See page 14

See page 63

2024 IN REVIEW

2024 has been a very exciting year for

the Group as we began in earnest to bring

Rathbones and IW&I together as one combined

business committed to helping our clients

achieve their longer-term financial goals. In an

eventful year, we attracted record gross inflows

by leveraging our enlarged platform and

exceeded the 2024 synergy targets we set out

for the IW&I combination.

This year heralded an improvement in investor

sentiment after what was a challenging two

years for multi-asset investing. Asset values

rebounded as interest rates began to fall, and

stronger economic fundamentals bedded in,

creating conditions that benefited our results.

The UK Budget at the end of October prompted

a short-term increase in withdrawals of funds by

existing clients, but it also proved to be a catalyst

that created a welcome number of client

investment enquiries and advisory discussions.

Throughout the year, we have continued

to improve our services and investment

processes, taking advantage of the best that

the Rathbones and IW&I teams have to offer.

The combination creates some significant

future growth opportunities and provides a

pathway to greater innovation as ideas are

shared and acted upon. I am grateful for the

efforts of all teams around the Group who have

helped us start 2025 in such a strong position.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 10

GROUP CHIEF EXECUTIVE OFFICERʼS REVIEW

Harnessing our

combined strengths

to drive growth

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

11RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

PAUL STOCKTON

GROUP CHIEF

EXECUTIVE OFFICER

Find out more on our activities

and strategic progress

OUR STRATEGY

Our strategy sets our four

key strategic objectives.

OUR INVESTMENT CASE

A growing business with rewarding

characteristics for investors.

Read more: See page 19

Read more: See page 63

2024 IN REVIEW

2024 has been a very exciting year for

the Group as we began in earnest to bring

Rathbones and IW&I together as one combined

business committed to helping our clients

achieve their longer-term financial goals. In an

eventful year, we attracted record gross inflows

by leveraging our enlarged platform and

exceeded the 2024 synergy targets we set out

for the IW&I combination.

This year heralded an improvement in investor

sentiment after what was a challenging two

years for multi-asset investing. Asset values

rebounded as interest rates began to fall, and

stronger economic fundamentals bedded in,

creating conditions that benefited our results.

The UK Budget at the end of October prompted

a short-term increase in withdrawals of funds by

existing clients, but it also proved to be a catalyst

that created a welcome number of client

investment enquiries and advisory discussions.

Throughout the year, we have continued

to improve our services and investment

processes, taking advantage of the best that

the Rathbones and IW&I teams have to offer.

The combination creates some significant

future growth opportunities and provides a

pathway to greater innovation as ideas are

shared and acted upon. I am grateful for the

efforts of all teams around the Group who have

helped us start 2025 in such a strong position.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 10

GROUP CHIEF EXECUTIVE OFFICERʼS REVIEW

PERFORMANCE AND FLOWS

Funds under management and administration

(FUMA) managed by Rathbones Group

grew 3.7% in the year to £109.2 billion at 31

December 2024, despite the considerable

agenda of internal change being undertaken

in the Group following the IW&I combination.

Gross inflows across the combined Group

were strong at £12.1 billion (2023: £7.7 billion),

representing 11.5% of opening FUMA. Gross

inflows in Rathbones discretionary and

managed propositions were £6.3 billion (2023:

£5.1 billion), and gross inflows in IW&I were

resilient at £4.0 billion, taking account of the

considerable time spent by client facing teams

to manage an extensive client consent process.

Gross outflows of £13.5 billion (2023: £8.5

billion) were elevated by accounts that we

exited following the completion of the

migration of former Saunderson House FUMA

in July and outflows linked to a limited number

of investment manager departures in the

IW&I business that occurred prior to the

announcement of the combination. After both

transactions, investment manager and financial

planner attrition has remained low. We also saw

a short-term impact of elevated outflows

around the UK Budget as more clients looked to

redistribute wealth, crystallise capital gains or

access their pension wealth.

Flows in single strategy funds continue to

reflect the challenging market environment

for active asset managers with net outflows

of £0.6 billion in the year (2023: net outflows

of £0.5 billion), in spite of the delivery of first or

second quartile performance over one and five

years in our two largest funds, Rathbone Global

Opportunities and Rathbone Ethical Bond.

Market and investment performance added

£5.3 billion (2023: £5.1 billion) to Group FUMA

in the year, recognising that many benchmarks

were difficult to beat. The IW&I combination

has presented us a unique opportunity to

bring together and strengthen our research

capability and we are continuing to improve

our investment process by enhancing

portfolio analysis tools and portfolio

construction resources. Further information

on performance and flows can be found in

the Group Chief Financial Officerʼs Review.

INTEGRATION UPDATE

The combination of Rathbones and IW&I has

made significant progress in 2024. The client

consent process is now largely complete such

that we expect to migrate almost all of the

c.55,000 IW&I clients by the end of H1. To

date, 0.3% of clients have declined to migrate

to Rathbones, and we expect a small proportion

of relationships to leave the Group where we

are unable to provide a suitable proposition. We

continue to place a high priority on maintaining

client service levels and look forward to

welcoming clients fully onto the Rathbones

platform in the coming months. At the heart of

our approach has been a focus on maintaining

service levels throughout the process.

We have delivered cost and revenue synergies

well ahead of our first year £15 million target,

with run-rate synergy realisation of £30.1

million at the end of 2024. This was largely due

to organisational changes and our property

consolidation programme being secured ahead

of the planned timeframe.

During the year, we consolidated all offices

where we had a dual presence – Birmingham,

Cheltenham, Exeter, Glasgow, Edinburgh,

London, Bristol and Liverpool – and have

successfully completed the consolidation

of our property footprint that now operates

in all main UK wealth centres.

Completion of the client migration in the first

half of this year is the next main milestone for

synergy delivery, enabling at least 70% of the

total £60 million to be realised on a cumulative

run-rate basis towards the end of 2025. We

remain confident in our ability to achieve all

remaining synergies by the end of 2026. At the

time of the combination, we expected the deal

to be accretive to underlying EPS in the first full

year following the completion. This has been

achieved with underlying EPS of 161.6p in 2024

(2023: 135.8p).

Combinations inevitably create change, and this

has been well supported by our colleagues,

harnessing the considerable talent across the

Group. We have completed nearly all key

leadership appointments and announced the

majority of organisational design changes

necessary to establish our future operating

model, with the remainder set to complete this

year. We continue to prioritise business stability

and the retention of key talent by providing

clear communication, addressing concerns, and

fostering an environment where our colleagues

feel supported during this period of change.

Operationally, the focus has been on aligning

systems, processes, and client service models to

ensure that we provide clients and advisors with

a seamless experience while preserving the best

elements of both firmsʼ cultures. The enlarged

Group has enhanced its investment and advice

capabilities and will look to leverage this in

2025, marking the end of a multi-year journey

that has significantly strengthened our financial

planning capabilities.

I am excited about the opportunities ahead

for our expanded Group as we embed our

combined infrastructure and look to build

upon it.

FOCUSING ON GROWTH AND THE

CLIENT/ADVISOR PROPOSITION

AND EXPERIENCE

Although much of our recent focus has been on

ensuring that the benefits of the combination

are realised, we have also taken some significant

steps toward improving organic growth rates.

We continue to believe that relationship-led

services are the best way to secure high quality,

resilient future revenues, so alongside our

pursuit of efficiencies to optimise delivery costs

and enhancements to our investment process,

we are working to:

• Strengthen our marketing and distribution

capability

• Deliver more advice-led conversations whilst

working flexibly to provide investment only

services to third-party advisors

• Improve client choice with services that meet

their changing demands

• Leverage our extensive strategic partner

relationships

• Continue to grow Rathbones Asset

Management (RAM).

In September, we announced the appointment

of a new Chief Client Officer role. A key aspect

of this role will be to leverage our combined

marketing expertise and strengthen our brand

presence. The newly formed Client Office will

ensure that Rathbones stands out more

in a competitive market, building both digital

and face-to-face lead generation, as well as

improving the client experience by working

with teams across the business to orchestrate

further improvements to our already strong

service reputation.

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12RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

The team will also focus on key target markets

within the Private Client, Charity, and

Independent Financial Advisor (IFA) sectors

through more targeted, data-driven client

prospecting. This approach will involve greater

collaboration across our teams and support

sustained future organic growth.

Over the past year, we have restructured our

Group Distribution team under our Chief

Distribution Officer with a goal to develop a

strong, client-centric distribution strategy, that

not only boosts our market presence but also

fosters enduring relationships with clients. We

have implemented a cohesive approach across

the Group, establishing a channel-led, go-to-

market strategy across Wealth Management,

Strategic Partnerships, Asset Management and

Charities. This segmentation will be robustly

supported by dedicated sales teams and

improved sales enablement resources and

advisor journeys.

We recognise that clients and advisors have

many different preferences as to how to work

with us and we are responding to this by being

able to offer the mix of investment products

and financial advice services that best meets

their needs. Recent transactions have created

a team of 122 financial planners that are

dedicated to meeting the increasingly complex

planning needs of our clients but we also

have 678 dedicated investment managers.

The combination gives us the opportunity to

blend these capabilities much more effectively

to increase the number of wealth-led

conversations we have with clients. We can

now allow employees to specialise in either

discipline, form larger combined teams, and

benefit from training that expands their

qualifications to deepen client and advisor

relationships.

We understand the necessity to adapt our

current offerings in the IFA market to address

the increasing demand for high-quality

service at a lower cost, amid ongoing sector

consolidation. Our multi-asset funds provide

CPI targeted solutions both directly and as part

of our managed service, through investment

platforms and financial advisors, but will also

support the launch of an upgraded Managed

Portfolio Service (MPS) for IFAs in 2025,

subject to regulatory approval.

We also intend to offer a competitive

decumulation offering in 2025, as well as a new

fund-based Charity Authorised Investment

Fund (CAIF) solution, specifically designed for

Charities. Additionally, we are seeking to

establish an office in Dublin to offer investment

solutions through third-party advisors in the

EU markets, subject to regulatory approval.

Alongside our in-house financial planning team,

Vision Independent Financial Planning (Vision)

continues to play an integral role in our advice

proposition, with 142 planners on the network.

We value the strong relationship with Vision and

continue to leverage it as a key driver of flows.

In 2025, Vision will continue to recruit new

IFAs to its network and Rathbones will continue

to dedicate specialist sales and bespoke

relationship management capability to support

the network.

We continue to build referrals through our

strategic partnership with Investec Bank and

have seen an encouraging amount of new

business coming through this channel as we

develop this relationship. We remain excited

about the prospect of building our dedicated

service team to increase business development

activity and foster new and important client

relationships.

Having a respected asset manager in-house

provides us with a distinct advantage, and RAM,

with £15.8 billion in FUM, continues to grow and

be highly regarded. The long-standing tenure

of our fund managers has contributed to the

growth and success of RAM over the years,

with seven fund managers each having more

than 18 years of experience with Rathbones.

RAM remains an important part of the Group

as we look to leverage recent investment in

distribution and systems to broaden our fund

range and extend its institutional reach.

EMBRACING TECHNOLOGY

Our combination with IW&I has presented

a number of opportunities to refine how

we deploy applications into Rathbones, as we

invest in our technology infrastructure.

The combination of our ʻbest of bothʼ chosen

technology solutions, coupled with our people,

allows us to differentiate and deliver improved

client services. Development of client-facing

technology in our business has been well

received by clients, with a digital satisfaction

score of 8.3/10 in the most recent Alpha FMC

survey, compared to an industry benchmark

of 8.0.

In addition to launching the InvestCloud

Client Lifecycle Management (CLM) system

earlier this year, we also deployed common

financial planning, intermediated distribution,

and marketing software systems across

the combined Group. We will continue

to launch tactical enhancements to CLM

throughout 2025.

During the second half of 2024, we migrated

Rathbones custody, settlement and investment

systems into the Cloud. This was a major

undertaking but has made our core books of

record and portfolio management solutions

more resilient and future proof, ready for the

upcoming migration of IW&I clients onto

the platform.

In addition, we are now receiving technology

services from Investec Bank via an outsourced

service agreement, enabling us to leverage

improved capabilities in a scalable delivery

model. This sits alongside further development

of data and analytics capabilities, to support

decision-making and drive greater insight.

Embracing technology alongside our people will

support the achievement of our strategic goals.

Technology and application development will

continue to progress in 2025 as part of our

normal change and development agenda.

Ongoing investment will include the selected

application of AI, robotic processing and data

management tools to improve efficiency and

client service.

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13RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

The team will also focus on key target markets

within the Private Client, Charity, and

Independent Financial Advisor (IFA) sectors

through more targeted, data-driven client

prospecting. This approach will involve greater

collaboration across our teams and support

sustained future organic growth.

Over the past year, we have restructured our

Group Distribution team under our Chief

Distribution Officer with a goal to develop a

strong, client-centric distribution strategy, that

not only boosts our market presence but also

fosters enduring relationships with clients. We

have implemented a cohesive approach across

the Group, establishing a channel-led, go-to-

market strategy across Wealth Management,

Strategic Partnerships, Asset Management and

Charities. This segmentation will be robustly

supported by dedicated sales teams and

improved sales enablement resources and

advisor journeys.

We recognise that clients and advisors have

many different preferences as to how to work

with us and we are responding to this by being

able to offer the mix of investment products

and financial advice services that best meets

their needs. Recent transactions have created

a team of 122 financial planners that are

dedicated to meeting the increasingly complex

planning needs of our clients but we also

have 678 dedicated investment managers.

The combination gives us the opportunity to

blend these capabilities much more effectively

to increase the number of wealth-led

conversations we have with clients. We can

now allow employees to specialise in either

discipline, form larger combined teams, and

benefit from training that expands their

qualifications to deepen client and advisor

relationships.

We understand the necessity to adapt our

current offerings in the IFA market to address

the increasing demand for high-quality

service at a lower cost, amid ongoing sector

consolidation. Our multi-asset funds provide

CPI targeted solutions both directly and as part

of our managed service, through investment

platforms and financial advisors, but will also

support the launch of an upgraded Managed

Portfolio Service (MPS) for IFAs in 2025,

subject to regulatory approval.

We also intend to offer a competitive

decumulation offering in 2025, as well as a new

fund-based Charity Authorised Investment

Fund (CAIF) solution, specifically designed for

Charities. Additionally, we are seeking to

establish an office in Dublin to offer investment

solutions through third-party advisors in the

EU markets, subject to regulatory approval.

Alongside our in-house financial planning team,

Vision Independent Financial Planning (Vision)

continues to play an integral role in our advice

proposition, with 142 planners on the network.

We value the strong relationship with Vision and

continue to leverage it as a key driver of flows.

In 2025, Vision will continue to recruit new

IFAs to its network and Rathbones will continue

to dedicate specialist sales and bespoke

relationship management capability to support

the network.

We continue to build referrals through our

strategic partnership with Investec Bank and

have seen an encouraging amount of new

business coming through this channel as we

develop this relationship. We remain excited

about the prospect of building our dedicated

service team to increase business development

activity and foster new and important client

relationships.

Having a respected asset manager in-house

provides us with a distinct advantage, and RAM,

with £15.8 billion in FUM, continues to grow and

be highly regarded. The long-standing tenure

of our fund managers has contributed to the

growth and success of RAM over the years,

with seven fund managers each having more

than 18 years of experience with Rathbones.

RAM remains an important part of the Group

as we look to leverage recent investment in

distribution and systems to broaden our fund

range and extend its institutional reach.

EMBRACING TECHNOLOGY

Our combination with IW&I has presented

a number of opportunities to refine how

we deploy applications into Rathbones, as we

invest in our technology infrastructure.

The combination of our ʻbest of bothʼ chosen

technology solutions, coupled with our people,

allows us to differentiate and deliver improved

client services. Development of client-facing

technology in our business has been well

received by clients, with a digital satisfaction

score of 8.3/10 in the most recent Alpha FMC

survey, compared to an industry benchmark

of 8.0.

In addition to launching the InvestCloud

Client Lifecycle Management (CLM) system

earlier this year, we also deployed common

financial planning, intermediated distribution,

and marketing software systems across

the combined Group. We will continue

to launch tactical enhancements to CLM

throughout 2025.

During the second half of 2024, we migrated

Rathbones custody, settlement and investment

systems into the Cloud. This was a major

undertaking but has made our core books of

record and portfolio management solutions

more resilient and future proof, ready for the

upcoming migration of IW&I clients onto

the platform.

In addition, we are now receiving technology

services from Investec Bank via an outsourced

service agreement, enabling us to leverage

improved capabilities in a scalable delivery

model. This sits alongside further development

of data and analytics capabilities, to support

decision-making and drive greater insight.

Embracing technology alongside our people will

support the achievement of our strategic goals.

Technology and application development will

continue to progress in 2025 as part of our

normal change and development agenda.

Ongoing investment will include the selected

application of AI, robotic processing and data

management tools to improve efficiency and

client service.

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REPORT

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RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 12

GROUP CHIEF EXECUTIVE OFFICERʼS REVIEW

OUR PEOPLE

We must recognise the hard work and

commitment of our colleagues during this

significant period of change and transition

for the business. This year has brought both

challenges and opportunities as we have

navigated a transformative combination,

requiring us to adapt to new structures,

systems, and ways of working.

After completing an extensive consultation

process, we are now in a strong position to

embed new organisational designs across

the business that support both growth and

efficiency. The professionalism shown by our

teams in embracing these changes and

contributing to the successful integration of

both businesses has been truly remarkable.

We have made great strides in supporting the

well-being of our colleagues, enhancing our

family-friendly policies, expanding diversity,

equality and inclusion (DE&I) initiatives, aligning

benefits across the Group (including offering

Rathbones share schemes to IW&I colleagues

as part of their overall remuneration),

and improving overall employee support.

Further details can be found in our Responsible

Business Report.

I understand that this transition has asked a

great deal of everyone, and I, along with the

entire leadership team would like to express

our gratitude for everything our colleagues

have contributed during this pivotal time.

RESPONSIBLE BUSINESS

Considering our increased size following the

combination, we continue to respond to

heightened expectations from our stakeholders.

As a larger Group, we reaffirm our commitment

to generating long-term value, benefiting

society and actively mitigating any adverse

impacts our activities may have on the

environment and our communities. In 2024,

we have worked to update our approach to

responsible business and we will share our

updated framework in our 2024 reports over

the coming months. The combination has

enabled us to undertake some exciting

initiatives that support the delivery of our

future ambition.

RISK MANAGEMENT AND REGULATION

Our risk management framework and risk

processes are well established and have further

matured during 2024, through the embedding

of risk software where we collate and analyse

our risks. Our risk landscape throughout the

year reflected external economic and political

factors, as well as internal strategic changes

relating to our digital transformation and the

integration with IW&I. Conflicts overseas and

the election outcomes in the UK and US have

been monitored closely by our investment

teams. We continue to embed our approach

towards Consumer Duty, and the principles of

fairness and transparency have underpinned

our approach to the integration of IW&I.

From an internal perspective, change risk has

been monitored carefully in 2024, particularly

as people and process risks have come to the

fore in the latter half of the year as integration

activities gathered momentum. These risks

will remain in 2025 and our focus will be

unrelenting in order to ensure that clients can

continue to be reassured by our ongoing strong

oversight of controls and processes.

As we mentioned in our interim update,

pension risk exposure has reduced as a result

of action taken by the pension scheme trustees

to complete a full buy-in process, thereby

insuring away all future liabilities of our defined

benefit schemes.

OUTLOOK FOR 2025

Rathbones remains well-equipped to navigate

the challenges associated with industry change

and the potential impacts of geopolitical

instability on investment markets. Alongside

initiatives to enhance our services to clients

and improve organic growth rates, our priorities

for 2025 include completing the migration of

IW&I clients and fully integrating our businesses

onto one platform.

We are making good progress towards

delivering an underlying operating margin

of 30%, and notwithstanding the additional

headwinds that have arisen since we set out

this target (including ongoing inflationary

pressures and the estimated additional annual

cost of £7 million of National Insurance

Contributions from April 2025), we continue to

work towards the delivery of this on a run-rate

basis from three years following completion

of the IW&I transaction (September 2026).

Further detail on our path to achieving this

can be found in the Group Chief Financial

Officerʼs Review.

I would like to thank all colleagues and

stakeholders for their continued commitment

and support throughout what has been a

transformative year. We look forward to

further building a sustainable and profitable

business together in the years to come.

PAUL STOCKTON

GROUP CHIEF EXECUTIVE OFFICER

25 February 2025

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RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 13

GROUP CHIEF EXECUTIVE OFFICERʼS REVIEW

THE OPPORTUNITY IN

THE UK WEALTH SECTOR

We continue to respond to market

trends that are changing the world we

live in, ensuring we remain vigilant and

respond to client needs and capture

potential growth opportunities.

£2.9tn

Estimated UK

household financial

wealth in 2029

£2.4tn

Estimated UK

household financial

wealth in 2024

£109.2bn

Market captured

by Rathbones today

1. Eden McCallum estimates

OUR EXTERNAL MARKETS

Helping clients manage their finances in a changing world

UK AND GLOBAL ECONOMY

The UK and global economies are currently navigating a period of

uncertainty, shaped by factors such as geopolitical tensions, inflationary

pressures, and fluctuating market conditions. These macroeconomic

challenges have put a strain on investor confidence, leading to increased

demand for wealth management services that offer stability and strategic

guidance. As the UK wealth management sector adapts to these changes,

there are significant opportunities to cater to an evolving client base.

REGULATORY CHANGES IMPACTING INVESTOR SENTIMENT

The industry has seen significant regulatory change over the last decade,

with a particular current focus on client outcomes, demonstrated by the

implementation of the Consumer Duty in 2023. We expect regulatory

change to remain a key industry driver going forward.

CONSOLIDATION WITHIN THE UK WEALTH INDUSTRY

The UK wealth management industry is attractive and underpinned

by strong structural growth, recurring revenues, and high customer

retention rates. However, the industry remains fragmented with high

barriers to entry and as such, the benefits of scale remain an attractive

driver for consolidation.

UK GOVERNMENT POLICY IMPACT ON RETIREMENT PLANNING

Changes to the state pension age and pension freedoms, along with shifts

in tax policies related to inheritance and capital gains tax increase the

demand for wealth managers who can provide guidance on managing

retirement funds and tax-efficient strategies. Evolving government policies

present wealth managers a growing client base and the chance to deliver

tailored advice in a changing political, regulatory and financial landscape.

EXPECTATION OF INCREASED INTER-GENERATIONAL WEALTH TRANSFER

Intergenerational wealth transfer will create more opportunities for

wealth managers, as families look to pass on assets efficiently and

minimise tax liabilities. Wealth managers will be essential in providing

advice on inheritance planning, helping clients navigate the complexities

of passing wealth across generations.

CLIENT DEMAND FOR DIGITAL INNOVATION

Clients are becoming increasingly accustomed to using technology to

communicate and manage their financial affairs. Keeping pace with this

change is fundamental to remaining competitive and sustaining a quality

service, particularly as inter-generational wealth transfers accelerate.

GROWING DEMAND FOR RESPONSIBLE BUSINESS PRACTICES

AND OFFERINGS

The role of the wealth management industry in managing environmental,

social and corporate governance issues continues to be important

as clients are becoming increasingly concerned by the impacts of

financial decisions.

MACRO TRENDS

SECTOR SPECIFIC TRENDS

Key trends

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14RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR EXTERNAL MARKETS

How we are responding

We continually monitor and remain

vigilant to the changing market landscape

that can impact our business and the

world we live in, ensuring we keep up

with the pace of change so that we can

continue to provide a quality service

for our clients, advisors and other

stakeholders.

We continue to reinforce the wealth

management model and whole-of-wealth

approach to facilitate the differing needs of

clients through their life events, whether that

be through investment management, financial

planning, or simpler more cost-effective

solutions. We also know that intergenerational

wealth transfer will be one of the biggest events

in our industry in the years to come and aim to

ensure we are best placed to facilitate both this

transfer and the decumulation stages of wealth

for clients as they reach certain stages in life.

Developing an investment approach that is

tailored to these differing client needs will

be a key focus area as the industry and

environment evolves.

We believe in the face-to-face model, but

continue to augment it with digital support to

ensure clients can interact with us in whatever

way works best for them.

We continue to have an open dialogue with

the regulator and are focused on maintaining

best practice as we move through the IW&I

integration process.

Our focus on our clients is clear, enabling us

to further build lifelong relationships and

reinforce our status as their trusted partner

to support them through any future

market changes.

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15RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR PURPOSE DRIVEN APPROACH

Our stakeholders

Clients Society and communities

Our people Partners and regulators

Shareholders

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

We are driven by our purpose to think,

act and invest for everyone’s tomorrow

This is delivered

by our people

OUR CULTURE AND VALUES

The way we do business is shaped

by our culture and values.

Read more: See page 19

OUR KEY PERFORMANCE INDICATORS

We use financial and non-financial metrics to

monitor our progress, which in turn determines

our executive remuneration outcomes.

Read more: See page 33

And the sustainable value

we create for our stakeholders

OUR S172 STATEMENT

Balancing the needs of our key

stakeholders is incorporated into

our decision-making processes.

Read more: See page 69

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16RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR CULTURE AND VALUES

THE ROLE OF THE BOARD

The Board fully understands and accepts its

role in setting the ‘tone from the top’, and in

ensuring our culture and values are lived across

the organisation day-to-day. This is always at

the front of our minds, and especially so as

we continue to integrate our business with IW&I.

OUR CULTURE FRAMEWORK

We have a clear framework for defining,

embedding and monitoring our culture.

Across 2024, it continued to be based on our

values and how we interact with and meet

our responsibilities to our stakeholders and

align with the section 172 obligations. We are

currently refreshing our values and will update

our culture dashboard, in 2025, accordingly.

MONITORING CULTURE

The Board makes it a priority to monitor and

ensure that our culture and values are lived,

and embedded throughout our actions,

decisions, strategy and business model.

Across 2024, the Board:

— commissioned, and reviewed the

outcomes of, an independent culture review,

to identify our strengths and opportunities

for development

— reviewed and discussed our culture

dashboard, which provides insights for

assessing what we do (i.e. delivering against

our purpose and strategy) and how we do it

(i.e. engaging with our stakeholders in line

with our values). Many of our culture

dashboard metrics can be found throughout

this report. The dashboard will be reviewed

and updated in 2025

— digested feedback from employees across

the Group via opinion surveys, townhalls,

and through office visits as part of our

workforce engagement programme

— updates on activities across the Group in

relation to culture and values, including

employee training programmes

— ensured culture, behaviour and conduct

issues are considered by the remuneration

committee as part of assessing

executive reward

— oversaw the inclusion of a section in our

interim and year-end performance appraisals

for colleagues to reflect on how they have

demonstrated our values across the year

— reviewed the Group’s whistleblowing

arrangements

— encouraged employees to participate

in schemes to promote share ownership

(i.e. the Group’s Save As You Earn (SAYE)

and Share Incentive Plan (SIP) schemes,

which provide cost-effective opportunities

for employees to acquire shares in

the company).

The activities have allowed the Board to

monitor the Group’s culture effectively during

the year and to ensure that culture continues

to be aligned with the Group’s purpose, values

and strategy.

Read more: Our purpose

Reviewing our culture

TruthWorks spent four months

immersing themselves in the cultures of

Rathbones and IW&I, seeking the truth

about each culture, and focusing forward

to the future.

Engagement included facilitated

workshops, focus groups, surveys and

Group Executive Committee and

management interviews.

What emerged from this research stage

was clear views which have been used

to shape our culture going forward.

Identifying the strengths and opportunities

across each business, has informed the

programme of work to be delivered

through the Chief Client Office and

through our People and Culture plans,

with the intended outcomes of:

— a purposeful and differentiated brand

framework that has huge equity for

colleagues and clients

— increasing (employer) brand advocacy,

loyalty and relevance; a distinctive

employer positioning that attracts

and retains the talent we want

— clearer and more consistent

decision-making with leaders who

consistently inspire, engage and

motivate our people

— continued engagement of colleagues,

signalling a shift towards transparency

and action.

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17RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR BUSINESS MODEL

We are creating the UK’s leading discretionary wealth manager

RATHBONES

£109.2bn

FUMA

What we do for our clients

WEALTH MANAGEMENT

£93.4bn

What sets us apart

RELATIONSHIP-LED BUSINESS MODEL

that secures flows for the long-term

TRUSTED BRAND OPERATING AT SCALE

that allows us to invest in service

improvement and technology

LEVERAGING AN IN-HOUSE ASSET MANAGER

providing increased investment capabilities

INVESTING IN MARKETING AND DISTRIBUTION

through both direct and indirect channels,

developing products to meet the needs of

clients and advisors

OPERATING RESPONSIBLY

by maintaining constructive relationships

with regulators and committing to generating

long-term value that benefits society

ACCELERATING GROWTH WITH ACQUISITIONS

that strengthen our propositions

ROBUST FINANCIALS

that support a stable revenue margin,

recurring income stream, growing operating

margin and progressive dividend policy

A BANKING LICENCE

that offers clients a range of banking

services including loans secured against

portfolios and fixed interest term deposits

How we generate

valueforshareholders

INCREASING UNDERLYING

OPERATING MARGIN

A target of delivering a

run-rate margin of 30%

from September 2026

ROBUST REVENUE MARGIN

A resilient revenue margin

and Investment Management

fee income stream that makes

up over 70% of revenue

PROGRESSIVE DIVIDEND POLICY

A progressive dividend policy

with a dividend that has not been

reduced in more than 25 years

FURTHER DIVERSIFIED

AND GROWING INCOME

STREAMS IN THE FORM OF:

— Fund income from the

Asset Management business

— Advisory income

— Interest income through

our banking licence.

Investment

Management

With a dedicated

investment manager:

— Bespoke portfolio services

— Managed fund solutions investing

in multi-asset portfolios

Without a dedicated

investment manager:

— Cost-effective solutions investing

in multi-asset portfolios without

a dedicated investment manager

Financial planning

and advice

— One-off advice

— Initial advice and planning

— Ongoing advice and planning

— Tax, Trust and Legal services

ASSET MANAGEMENT

£15.8bn

— Actively managed

single-strategy funds

— Actively managed

multi-asset funds

Our approach to stakeholder

engagement: See page 24

Investment case: See page 07

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18RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

We launched our medium-term strategy for the business

in October 2019, to support our purpose of thinking,

acting and investing for everyone’s tomorrow. Our four

strategic priorities are set out here.

ENRICHING THE

CLIENT AND ADVISOR

PROPOSITION AND

EXPERIENCE

Enhancing valued services

Deepening investment skills

Read more: See page 33

RELEVANT PRINCIPAL RISKS

— Change

— Integration

— Suitability

— Sustainability

— Investment performance

— Regulatory compliance and legal

— People

— Information security and cyber.

Read more: See page 63

2024 PROGRESS

— Engaged with clients on the move from IW&I

to Rathbones through the client consent

process which made significant progress

during the year, in preparation for the client

and asset migration in the first half of 2025

— Successfully launched first stage of

InvestCloud Client Lifecycle Management

(CLM) technology platform

— Participated in the Alpha FMC 2024 client

experience benchmark survey and had a

digital satisfaction score of 8.3/10

— Announced the appointment of a Chief Client

Officer role, to lead and develop our client

advisor proposition and experience

— Kept clients informed through the issue

of regular CEO letters and research notes

containing updates on the market and

investment propositions

— Received customer experience accolades,

including a Gold rating from STAR

(the best practice initiative of improving

customer experience in transferring funds

across platforms) for RAM for the third

consecutive year

— Continued to embed risk management

practices across the business and respond

appropriately to regulatory changes,

including Consumer Duty.

PRIORITIES FOR 2025

— Complete the IW&I client migration process

with as little disruption as possible to the

client and advisor experience

— Launch an upgraded Managed Portfolio

Service (MPS) for Independent Financial

Advisors (IFAs) and new fund-based Charity

Authorised Investment Fund (CAIF) solution

specifically designed for Charities (subject

to regulatory approval), in addition to an

enhanced decumulation offering

— Offer client facing investment staff the

opportunity to expand their qualifications

and financial planning knowledge alongside

Investment Management expertise

— Continue to respond appropriately

to regulatory changes.

STRATEGIC

REPORT

FINANCIAL

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FURTHER

INFORMATION

20RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR STRATEGIC PRIORITIES

SUPPORTING

AND DELIVERING

GROWTH

STRATEGIC FOCUS

Penetrating specialist markets − focusing on

specialisms and building on existing capabilities.

Driving organic growth − structuring

distribution, driving growth through financial

planning, building our Asset Management

business and managing client-facing capacity.

RELEVANT KPIS

— Total funds under management

and administration (FUMA)

— Investment Management net organic

growth rates

— Underlying operating margin

— Dividend per share

— Underlying earnings per share

— Underlying return on capital employed.

Read more: See page 33

RELEVANT PRINCIPAL RISKS

— Change

— Integration

— Suitability

— Sustainability

— Investment performance

— People

— Third-party supplier.

Read more: See page 63

2024 PROGRESS

— Completed the migration of Saunderson

House clients onto Rathbones’ propositions,

and now have 122 financial planners

across the business to complement

678 investment managers

— Successfully restructured our Group

Distribution team under our Chief

Distribution Officer to develop a strong,

client-centric distribution strategy that

boosts our market presence and fosters

enduring relationships with our clients

— Continued to build relationships with

third-party advisor networks, with a further

142 planners playing an integral role in our

advice proposition through Vision Independent

Financial Planning (Vision)

— Continued to build referrals through our

strategic partnership with Investec Bank and

have seen encouraging new business coming

through this channel.

PRIORITIES FOR 2025

— Improve core distribution processes

and further leverage our growing

multi-asset capability

— Further strengthen our brand presence in

the marketplace, whilst leveraging the strong

marketing expertise in IW&I

— Improve focus on key target markets

within the private client, charity, and IFA

sectors through more targeted, data-driven

client prospecting

— Continue to grow our relationship with

Investec Bank

— Continue to recruit advisors in Vision

— Grow and leverage from Greenbank, which

continues to receive industry recognition

— Advance work to establish an office in Dublin

(subject to regulatory approval), to offer

investment solutions through third-party

advisors in the EU markets.

STRATEGIC

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21RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

INSPIRING

OUR PEOPLE

STRATEGIC FOCUS

Our culture and corporate values − becoming

a more diverse and inclusive organisation,

continuing to listen to our people and improving

our commitments to them.

RELEVANT KPIS

— Number of investment professionals

— Number of financial planners.

Read more: See page 33

RELEVANT PRINCIPAL RISKS

— Change

— Integration

— People.

Read more: See page 63

2024 PROGRESS

— Our eight employee networks welcomed

members from across the expanded Group,

supporting broader inclusion

— We commissioned and performed an

independent culture review, involving

interviews and focus groups with Rathbones

and IW&I colleagues. Outcomes have been

fed into the work to update the Rathbones

corporate culture and values

— We are developing a new, Group-wide

purpose and values for all our people,

with inputs from clients and colleagues

across the business

— Ran another year of our non-executive

director engagement programme, led by

Iain Cummings and Dharmash Mistry, read

Read more: See page 33

RELEVANT PRINCIPAL RISKS

— Change

— Integration

— People

— Processing

— Third-party supplier.

Read more: See page 63

2024 PROGRESS

— Grew run-rate cost and revenue synergy

realisation to £30.1 million at the end of

2024, significantly ahead of the first-year

post-combination objective of £15 million

— Improved underlying operating margin

from 22.3% in 2023 to 25.4% in 2024

— Rationalised our real estate footprint by

consolidating all offices across the country

where we share locations with IW&I, a total

of eight offices

— Increased the number of clients using

MyRathbones to 61% in 2024 from 58%

in 2023

— Deployed consistent financial planning,

intermediated distribution and

marketing software systems across

the combined Group

— Deployed further enhancements to

the Charles River system into our Asset

Management business

— Underwent considerable organisation design

work, including outsourcing some technology

provision and cyber support to Investec Bank

— Successfully migrated Rathbones custody,

settlement and investment systems into

the Cloud

— Successfully migrated unit trusts to the

Allfunds custody platform bringing

operational efficiencies across the entire

dealing and custody lifecycle

— Deployed robotic process automation

to support key operational processes

— Reduced pension risk exposure as a result of

action taken by the pension scheme trustees

to complete the buy-in process to insure the

future liabilities of the scheme.

PRIORITIES FOR 2025

— Target of at least 70% of total synergies being

achieved on a cumulative run-rate basis

— Complete the IW&I client and asset

migration process

— Close duplicate systems across the

business post migration

— Deploy further enhancements to our

technology suite

— Further streamline our applications

to operate more seamlessly together

— Continue to develop and deploy technology,

such as the use of AI and robotic solutions,

to improve efficiency and client service.

OUR STRATEGIC PRIORITIES

STRATEGIC

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23RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

SECTION 172 STATEMENT

MAINTAINING A REPUTATION FOR HIGH

STANDARDS OF BUSINESS CONDUCT

The Board supports the Chief Executive and the

Group Executive Committee in embedding a

culture that encourages the Group’s colleagues

to live our values and help the Group deliver on

its strategic objectives and purpose. The Board

approves and oversees the Group’s adherence to

policies that promote high standards of conduct

and receives regular updates on the Group’s

culture through KPIs that form part of the

Chief Executive’s business performance update.

Our culture and values: See page 17

Corporate governance: Chair: See page 92

THE LIKELY CONSEQUENCES OF

ANY DECISION IN THE LONG TERM

The Group operates within a corporate

governance framework whereby responsibility

for day-to-day decision-making is appropriately

delegated. In considering its duty under

section 172, the Board aims to ensure that the

consideration of stakeholder interests and the

Group’s long-term success is embedded across

its business. The Board sets the strategy, culture

and values, and develops and oversees the

Group’s framework of governance, risk

management and internal controls to promote

and safeguard the Group’s long-term success.

The strategic goals and objectives it sets are

focused around developing the Group’s

proposition and service to fulfil the long-term

needs of its clients.

The identification, management and mitigation

of risks to the Group’s business is key to ensuring

the delivery of its strategy over the longer term,

and the consideration of risk plays an important

part in decision-making. The Group’s Board and

committee paper templates encourage paper

authors to consider and highlight the impact

on the Group’s stakeholders of the matters

covered. This acts as an aid to the Board in

discharging its duties and facilitating focused

debate, and is intended to provide an additional

layer of comfort that paper authors have

properly considered and taken into account

the interests of stakeholders.

Our strategic priorities: See page 19

Risk management: See page 58

ENGAGING WITH OUR

KEY STAKEHOLDERS

Our aim is to maintain an open and transparent

approach to stakeholder engagement based

on building constructive relationships with

our key stakeholders and ensure there is a

two-way dialogue.

Across the firm, there are many examples

of stakeholder engagement influencing both

day-to-day actions and strategic initiatives.

The key strategic developments set out on

pages 26 to 32 illustrate some of our significant

stakeholder considerations that informed the

Board’s decision-making during the year.

Section 172 of the Companies Act 2006

requires the directors to act in a way

they consider will promote the success

of the company for the benefit of its

stakeholders as a whole.

Read more about the Board’s key

decisions this year: See page 95

STRATEGIC

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24RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Our stakeholder framework

OUR

STAKEHOLDERS

INPUT RECEIVED FROM

OUR ENGAGEMENT

RESPONSE TO OUR ENGAGEMENT

CLIENTS

Engagement allows us to understand our

clients’ evolving priorities and requirements,

including feedback on service, technological

needs and products, enabling us to evolve

our proposition.

— Deliver bespoke and relevant products for the future

— Ensure ongoing high quality service

— Develop client centric propositions

— Support clients with intergenerational wealth management

— Communicated about our client migration programme.

OUR PEOPLE

Engagement helps us attract, retain and

develop our people – with a particular focus

on DE&I issues – helping us to create a

sustainable employee model.

— Provide an inclusive and talented workforce to service client needs

— Ensure continuing strong engagement with colleagues

— Offer a benefits package that supports our people

— Deliver relevant learning and development programmes for all employees to ensure

ongoing support.

SHAREHOLDERS

Engagement allows us to understand key

shareholder issues, informing our strategic

and investment direction.

— Ensure sustainable long-term shareholder returns through our business model

— Maintenance of our progressive dividend policy

— Provide ongoing updates on the IW&I integration and other strategic objectives.

SOCIETY AND

COMMUNITIES

Engagement allows us to understand how we

can have a positive impact on wider society

and the communities we operate within.

— Completed a review of our responsible business framework

— Maintained our levels of community investment, having updated our approach

— Engaged community partners

— Progress on our net zero programme, including work to reset our near-term targets.

PARTNERS AND

REGULATORS

Engagement with regulators provides

feedback on ongoing collaboration and

informs our regulatory preparedness.

Engagement with partners allows us to build

sustainable relationships, many of which are

long-term delivery stability for our partners,

people and allowing engagement to deliver

good value to our shareholders.

— Respond to evolving regulatory requirements and standards in order to maintain

the firm’s high standards

— Work with our supplier partners to ensure ongoing business resilience.

OUR STAKEHOLDER FRAMEWORK

The firm has identified the following key

stakeholder groups and by considering their

perspectives, insights and opinions, the Board

seeks to ensure outcomes of operational,

investment or business decisions that are

more robust and sustainable.

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

STRATEGIC

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INFORMATION

25RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

CLIENTS

Clients are at the heart of our

strategy and their interests are

a key consideration in everything

that we do.

OUR SURVEY RESULTS

Rathbones partnered with Alpha FMC

to conduct a client experience survey

alongside seven of our Peers in the UK

CX benchmark for 2024.

The survey covered industry key

performance indicators such as overall

satisfaction, Net Promoter Score (NPS)

and deeper dive questions across

areas like financial planning, digital,

communication and Consumer Duty.

Of those clients invited to participate we

had a 13 % response rate, from Rathbones

clients. Given the scale of communication

with IW&I clients as permission to migrate

has been sought, it was decided not to

include IW&I clients in the 2024 full

survey. A shorter pulse survey was shared

with a smaller IW&I client group.

The results found that key metrics have

improved since 2022. Rathbones ranked

near middle of the benchmark on most

instances, but encouragingly above peers

on the likelihood to recommend (coming

second on NPS with score of 56 up from

43 in 2023), digital and client support.

Looking ahead, the results point to making

marginal improvements with keener focus

on particular client segments, rather than

substantial changes. Finally, despite the

high levels of client advocacy, analysis of

clients that are detractors points to issues

with communication, engagement and

value for money for products and

services. In this respect, there is a clear

need to ensure client, Relationship

Manager and firm expectations are fully

aligned to improve overall perceptions

of Rathbones.

STRATEGIC PRIORITY

HOW THE BOARD ENGAGED

The Group Executive Committee and the Board

regularly receive updates on client proposition,

investment performance outcomes and

service levels.

HOW THE FIRM ENGAGED

We engaged with our clients through a variety

of different methods including:

— focus groups and targeted surveys

— participated in the @Alpha 2024 client

experience benchmark survey

— regular meetings held between investment

managers, financial planners and clients

— user experience testing of our digital solutions

and propositions

— virtual and in-person conferences held for

private clients, intermediaries and IFAs.

KEY TOPICS RAISED

— Clear communication on the impact

of the consolidation

— Practical help on how to achieve their

financial goals in challenging markets

— Frameworks and guidance to help make

the best financial decisions and ultimately

achieve good outcomes.

HOW THE FIRM RESPONDED

— Regular CEO letters and research notes

issued to clients to update them on the firm,

client migration and our investment

proposition

— Nine financial awareness courses

held virtually

— Around 20 sessions for entrepreneurs

as part of Rathbones Inspire

— Reviewing our services and distribution

to meet current and future client needs

— Continued development of our digital

offering including MyRathbones with

over 61% take up by clients

— Welcomed our Chief Client Officer

and Head of Distribution.

NET PROMOTER SCORE

1,2

Client likelihood to recommend Rathbones

(-100% to 100%)

Mean

3936

OVERALL SATISFACTION

1,2

Overall satisfaction with Rathbones (0 to 10)

Mean

8.8

8.58.3

8.38.2

8.8

SATISFACTION WITH THEIR

INVESTMENT MANAGER

1,2

Overall satisfaction with their primary investment

manager (0 to 10)

Mean

9.0

8.98.8

8.88.7

9.1

1. The Benchmark is the average score of the eight firms who

participated in the 2024 Alpha client survey. It is also the

average from historic, NMG and AON benchmark client surveys

2. Data excludes IW&I

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

Stakeholder interests and engagement:

See page 25

STRATEGIC

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26RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

OUR PEOPLE

Understanding the needs of our

people is essential in developing a

workplace and culture in which they

can reach their full potential and,

in turn, ensure the long-term success

of the Group.

UNDERSTANDING HOW

OUR PEOPLE FEEL

Our colleague engagement survey is a

primary driver for understanding and

improving how our people feel about

working at Rathbones, and we encourage

all colleagues to give their anonymous

feedback so we can continue to enhance

their experience.

Our overall engagement score was

lower in 2024 than the previous year.

2024 was the first year of both IW&I and

Rathbones colleagues contributing to the

same survey and captured feelings from

across the business associated with

progressing through the integration.

The decrease in overall engagement can

be understood to have been driven by:

increased workloads required to meet

integration timelines; changes to our

organisational structures across the

organisation; and the potential of reduced

job security for some of our people as

we undertook consultation processes.

We continued to score highly in goal

setting, management support, and peer

relationships, putting us in a good position

to successfully navigate the integration

process and reaffirm our strong culture

in our combined business in 2025.

STRATEGIC PRIORITY

HOW THE BOARD ENGAGED

The Board gets employee feedback through

multiple channels. Our Chief People Officer

(CPO) provides regular reports on colleague skills

and readiness, succession planning, development

programmes, engagement and inclusion,

based on extensive KPIs. Feedback also comes

from our non-executive director workforce

engagement programme, led by Iain Cummings

and Dharmash Mistry. Read more about the key

themes on the next page. We also gather views

via regular colleague surveys, with detailed

results shared with the executive committee

and key issues escalated to the Board.

HOW THE FIRM ENGAGED

We engaged with our people through

the following activities:

— day-to-day interaction with our people

by our line-managers, supported by our

People Business Partners and the broader

people team

— regular colleague opinion surveys to measure

engagement, wellbeing and opinions

— ongoing and regular virtual and in-person

departmental and Group-wide townhalls to

discuss performance and the firm’s progress

on the strategic plan

— peer recognition scheme to identify

colleagues who demonstrated outstanding

behaviours and conduct aligned to our values.

KEY TOPICS RAISED

— How are we supporting our people through

the integration?

— What impact, opportunities and ways of

working should our people expect following

the combination?

— How does the firm help our colleagues

develop their careers?

— The continued importance of diversity

equality and inclusion (DE&I).

HOW THE FIRM RESPONDED

— Frequent engagement on the combination

process and integration plans to support clear

communication and regular engagement

opportunities to raise questions

— Announced new senior leadership

appointments and team structures that will

bring our teams together

— Appointed employee representatives to

support our colleagues whose roles are

impacted by the integration process

— Leading through change toolkits for

managers and colleagues, resilience toolkits

and resilience training

— Continued work to develop our recruitment

and development processes as part of our

commitment to attract, cultivate and retain

diverse talent

— Involved all leaders and teams in the

development of our new People Strategy

— Roll out of our DE&I strategy across the firm.

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

72%

EMPLOYEE RESPONSE RATE

2023

: 76%

7. 3/ 1 0

OVERALL ENGAGEMENT

2024: Benchmark

7.9

2023

: 8.0 (Benchmark

: 7.9)

EMPLOYEE NET PROMOTER SCORE

Employee likelihood to recommend Rathbones

2024: Benchmark

2023

: 37 (Benchmark

: 26)

6.9/10

I FEEL WELL COMMUNICATED WITH

2024: Benchmark

: 7.6

2023

: 7.7 (Benchmark

: 7.6)

8.4/10

MY MANAGER CARES ABOUT ME

AS A PERSON

2024: Benchmark

8.6

2023

: 8.7 (Benchmark

: 8.6)

1. Benchmarks are set by Peakon and relate to

the broader financial service sector clients

2. 2023 data excludes IW&I

Responsible business review: See page 69

Culture and values: See page 17

Gender Pay Gap Report

STRATEGIC

REPORT

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27RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

WORKFORCE ENGAGEMENT

In light of requirements in the Corporate

Governance Code for boards to ensure

effective workforce engagement,

Iain Cummings and Dharmash Mistry

are our two designated Non-Executive

Directors responsible for gathering

employee feedback.

A workforce engagement framework

was developed using existing employee

engagement activities already in place

to provide a range of opportunities to engage

directly with employees and receive feedback.

The two-way dialogue between the Board

and employees is facilitated by a combination

of engagement methods, which would include

face-to-face meetings, office visits and

attendance at employee events. Our workforce

are an essential stakeholder of our business,

it is therefore vital that our Board members

are exposed to their concerns and ideas and

are able to consider these as they relate to

Rathbones’ culture and strategy.

In 2024, as a result of integration, for our

people there was a real mix of excitement,

challenge and hard work in supporting what

has been an almost unprecedented level of

internal and external change at Rathbones.

Our workforce engagement plan will continue

to be guided by our Board priorities for the year

and tightly aligned to our four strategic pillars,

enriching the client and advisor proposition

and experience, supporting and delivering

growth, inspiring our people, and operating

more efficiently. In addition to our current

engagement plan, we aim to encourage more

board and GEC visits to our various offices

in 2025 which will give us direct insight into

integration progress.

Our engagement structure

— Listen to the views and

feedback of employees

— Analyse the information

and take into consideration

inputs during its decision-

making process

— Communicate key

messages and actions

across the firm

— Contribute to engagement

initiatives and provide

feedback to the Board

— Collaborate with the Board

and NEDs on implementing

initiatives

— Influence new working

practices and processes

across the firm

BOARD WORKFORCE

Our

workforce

engagement

structure

— Ensure they are identifiable

and accessible to the workforce

— Engage with segments of the

workforce on a quarterly basis

— Communicate the workforce’s

feedback and messages

to the Board

— Participate in ongoing and

regular dialogue with Group

Executive Committee on

workforce themes arising

from these initiatives

DESIGNATED

NON-EXECUTIVE

DIRECTORS

(NEDS)

MANAGEMENT

OF WORKFORCE

PROGRAMME

— Review and analyse

workforce feedback from

various initiatives

— Prepare and discuss findings

with designated NEDs and

agree recommendations

for the Board

— Support delivery of the

annual engagement

programme

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28RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

I felt that we were all given the opportunity

to answer NED’s questions and add to

comments that other participants made.

We were all respectful, listened to each other.

Thank you to Iain and Dharmash for their

time and engaging with us. Some of their

comments and questions were very insightful.

I found it reassuring to hear that although

we were essentially from three different

teams who are only now coming together

as one, we all covered the same topics, and

our opinions were surprisingly similar too.

I thought coming into the session with

a blank piece of paper and having an

open and frank discussion was helpful.

I found that the small group setting was

highly effective, as it facilitated active

participation and constructive feedback

from everyone.

Strategic priorities: See pages 19 to 23

Responsible business review: See page 69

Key Board decisions: See page 95

Gender Pay Gap Report

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

HOW WE ENGAGED WITH OUR WORKFORCE IN 2024

Feedback from employeesKey themes2024 engagement

EMPLOYEE ENGAGEMENT SURVEY

(FACILITATED EXTERNALLY)

BOARD VISIT

NED DROPIN SESSIONS

ACROSS VARIOUS OFFICES

CEO MEETINGS WITH

FRONT OFFICE TEAMS

(INCLUDING OFFICE VISITS)

GROUP TOWNHALLS HELD

CLIENTFACING

TOWNHALLS HELD

VARIOUS FUNCTIONS

TOWNHALLS

INTEGR ATION

The combination of two businesses was

understandably an unsettling period for

our colleagues. It was clear from these

conversations that the workstreams

around integration were as important

for our colleagues as it was for the GEC

and Board.

While it was initially difficult to get the

right balance on internal communications

regarding integration, this has been

something we have been actively trying

to improve over time.

STRATEGY

Colleagues were keen to understand

how the combination would impact

Rathbones’ strategy going forward.

It is promising to see this level of interest

as we believe it will facilitate the successful

implantation of our long-term strategy.

We host regular townhalls during

which Group, and business specific

strategy is discussed by the executive

management team.

CULTURE

It was clear that maintaining the

Rathbones culture during a period of

change was important for colleagues.

We have always been proud of the culture

we have fostered over the years and this is

reflected in how we consider stakeholder

impact in all decision making.

DIVERSITY, EQUALITY & INCLUSION

It was appreciated that the company

takes employee views seriously, though

there was call for increased focus on DE&I

initiatives and this has been brought to

the Board’s attention.

The Board receives updates on progress

against our DE&I strategy and targets and

will continue to engage with this topic.

STRATEGIC

REPORT

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29RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

SHAREHOLDERS

Understanding the views of our

shareholders is essential to us

delivering long-term sustainable

financial returns.

ANALYST PERCEPTION

The combination with IW&I has been

well-received, with its success viewed as a

potential driver for enhancing Rathbones’

valuation. The migration of client assets

is considered a key measure of the

transaction’s success, and analysts value

the ongoing updates, appreciating

management’s strong leadership

and communication.

Concerns about integration challenges,

such as investment manager departures,

have been largely mitigated.

Organic growth remains a focus,

particularly the need to attract new

clients and address generational wealth

transfer to improve growth. Progress

in digital investments is seen as a

positive development.

Analysts recognise the challenging market

conditions affecting net inflows and

welcome the expansion of the proposition

suite, particularly within the financial

planning space.

STRATEGIC PRIORITY

HOW THE BOARD ENGAGED

The Board gathers feedback from our investors,

both directly, via our corporate brokers and

through various conferences. Our AGM also

provided an opportunity for all shareholders

to ask questions of the Board.

HOW THE FIRM ENGAGED

We engaged with our shareholders through

the following activities:

— We continued to expand sell-side analyst

research coverage of the company

— Our Investor Relations team met with our

shareholders, with members of our Group

Executive Committee and senior leaders

— We commissioned an independent analyst

perception study, to gain insight into our

shareholder/investors’ opinions. The results

were presented to the Board.

KEY TOPICS RAISED

— How is the company progressing

on combining with IW&I?

— How is the company navigating

the challenging market conditions?

— How will the company improve

organic growth?

— What is the progress update on client

lifecycle management (CLM) in terms

of budget and benefits?

HOW THE FIRM RESPONDED

— Discussed progress on integrating

IW&I with our top shareholders

— Provided regular updates on the company’s

financial and strategic performance,

through our quarterly market updates

and half-yearly results presentations

— Updated the market on strategic progress

as part of result statements throughout

the year

— Responded to several environmental,

social and governance (ESG)-related

questionnaires during the year and

issued our Task Force on Climate-related

Financial Disclosures (TCFD) report

and responsible business report

— Restated our commitment to our

progressive dividend policy which

was maintained throughout the year

— Maintained meaningful dialogue with

the sell-side analyst community.

NUMBER OF INVESTOR MEETINGS

HELD IN 2024

110

NUMBER OF NEW INVESTORS IN 2024

107

134

1. Calculation methodology was changed for number of

meetings in 2023, with one group meeting counted as one

rather than reflecting the number of investors who attended

2. Number of new investors includes both retail shareholders

and institutional investors

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

Stakeholder interests and engagement:

See page 25

Group Chief Executive Officer’s review:

See page 10

STRATEGIC

REPORT

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STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

30RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Responsible business review: See page 69

Responsible Investment Report

Responsible Business Update

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

SOCIETY AND

COMMUNITIES

We are conscious of the impact

of the Group’s operations on the

community and environment and

understand the importance of

being a good corporate citizen.

EMBEDDING OUR

COMMUNITY HUBS

Following the combination and expansion

of our footprint across the UK and

Channel Islands, we took the opportunity

to review the structure of our community

investment network.

Aligning to the structure used for our

front office, we crafted five hubs. Each

hub was allocated a portion of Foundation

funding. Using the updated community

investment toolkit, our colleagues

identified potential local charity partners.

Following a clear due diligence

process suitable projects were identified.

These requests were then discussed

at the Rathbones Group Foundation

trustee meetings.

At the end of 2024, all hubs had

allocated their funding to local partners.

Partnerships varied from one year to

three-year programmes. In 2024

charities supported included London

Youth, FareShare South West, Every Child

Our Future, The Inclusive Hub, FARE

Scotland and Cornwall Young Carers.

STRATEGIC PRIORITY

1 2

HOW THE BOARD ENGAGED

The Group’s responsible business programme,

which is sponsored by the chief executive,

has continued to deliver on commitments

that were made in 2021 relating to responsible

investment, our people, society and

communities and the environment. You can

read more about our responsible business

programme, including the results of our

strategic review on pages 69 to 78, our climate

report and responsible business progress

update. Details of how consideration of our

wider community has shaped some of our

recent initiatives can be found on page 75.

HOW THE FIRM ENGAGED

We engaged with society and the communities

in which we operate through the following

activities:

— We encouraged high standards of governance

as an investment manager and frequently

engaged with companies on environmental,

societal, and corporate governance concerns

— Used our community investment hubs to

identify and agree charity partners and

champion employee matching

— Worked with industry bodies to understand

and respond to the growing regulatory

and reporting frameworks.

KEY TOPICS RAISED

— How can we use our financial knowledge

to support our local communities?

— How did the combination impact our climate

strategy and the environmental impact

of our operations?

— How do we best support the communities

in which we operate?

HOW THE FIRM RESPONDED

— We donated to the Disaster Emergency

Committee Middle East appeal

— We expanded the reach of the Rathbones

Group Foundation, increasing our investment

to cover the expanded national presence.

In 2024, we gave more than £699,000

(2023: £589,000)

— Shared our approach to managing climate

risk. See our climate report for more

information

— Published our net zero engagement

action plan, sharing how the firm will engage

with companies we invest in on behalf of our

clients on their net zero ambition and deliver

against their targets.

CARBON DISCLOSURE PROJECT (CDP) SCORE

In 2024 CDP updated the questionnaire fixing calculation

of several data points through the use of autocalculation.

Unfortunately as a discretionary wealth manager this did not

support the granularity of disclosure we had previously shared

DIRECT ENGAGEMENT WITH

INVESTEE COMPANIES

752

671

743

TOTAL AMOUNT DONATED

£589,000

£795,000

£69 9,79 3

1. Data excludes IW&I

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

31RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

OUR APPROACH TO STAKEHOLDER ENGAGEMENT

PARTNERS AND

REGULATORS

Engagement with our regulators

and partners is fundamental to the

running of the firm and servicing

our clients.

ENGAGING WITH OUR REGULATORS

Interactions with our regulators such as

the FCA (Financial Conduct Authority),

PRA (Prudential Regulation Authority)

and SRA (Solicitors Regulation Authority)

play a crucial role in maintaining

compliance and ensuring robust financial

practices. Throughout 2024, Rathbones

maintained proactive and transparent

interactions with regulators, ensuring

clear alignment with their expectations

and priorities.

Rathbones engaged in discussions on

emerging regulatory topics, including

conduct risk, operational resilience,

and culture management.

Notably, we intensified our interactions

in 2024, given the IW&I transaction,

increasing the number of meetings.

Key areas addressed included the value

creation of the Rathbones and IW&I

combination, the firm’s response to

Consumer Duty regulation and ESG

related regulations such as Sustainability

Disclosure Requirements (SDR).

STRATEGIC PRIORITY

HOW THE BOARD ENGAGED

The Board is regularly briefed on regulatory

developments and expectations, and the

Board’s Risk, Audit and Remuneration

Committees receive detailed insights into

specific areas such as the Internal Capital

Adequacy Assessment Process and Internal

Capital and Risk Assessment, Client Assets

Sourcebook, Regulatory Activity (COBS, SYSC,

DISP, SMCR) as well as managing FCA regulation

including Consumer Duty and the Sustainable

Disclosure Requirements.

The Board also receives updates in relation

to specific matters, such as areas of interest to

the FCA/PRA including operational resilience,

conduct risk and the management of culture.

The Group maintains regular contact with the

PRA, FCA and SRA to ensure awareness of its

concerns, expectations and agenda, and this

informs the prioritisation of activities within

the Group’s annual operating plan.

HOW THE FIRM ENGAGED

We engaged with our partners and regulators

through the following activities:

— We held regular meetings with our regulators

during the year and continue to have a

proactive and transparent relationship with

them. The number of meetings increased

in 2024 given the IW&I integration

— The CEO held membership of the FCA

Practitioner Panel

— We maintained ongoing relations with our

key suppliers and partners during the year

with the Board receiving regular updates

on engagement with our existing partners.

KEY TOPICS RAISED

— How the planned combination of Rathbones

with IW&I would create value for stakeholders

— How the company is managing the client

migration programme

— Rathbones response to Consumer Duty

regulation

— How we would negotiate the exit from leases

as we consolidated our property footprint

— Do we provide fair and transparent terms

with our suppliers?

HOW THE FIRM RESPONDED

— All responses to regulators have been made

within the agreed deadline

— Trained our Board on key topics. See our

website for more on Board training

— Worked in close collaboration with the firm’s

regulators, including through the integration

period relating to IW&I

— Open and transparent engagement with

landlords to support fair exit of leases

— Maintained a constructive relationship

with HMRC

— Embedded a new supplier management

system supporting the review of suppliers for

their ESG policies and processes. See more

on page 76

— Interacted with the industry bodies and

associations we are affiliated with to ensure

we were engaged with issues impacting

our industry

— Engaged with our existing lending partner

— Adhered to payment terms with suppliers.

% OF SUPPLIERS PAID WITHIN 30 DAYS

95%

96%

95%

Data for IW&I

% OF PAYMENTS MADE TO SUPPLIERS

IN AGREED TIMEFRAME

94%

92%

Data for IW&I

Stakeholder interests and engagement:

See page 25

Risk management and control: See page 58

Our strategic priorities

nriching the client

nd advisor proposition

nd experience

Inspiring

our people

upporting and

delivering growth

Operating

more efficiently

1 2 3 4

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

32RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

The Group considers the following financial

and non-financial measures as KPIs of its overall

performance. Each KPI is aligned with at least

one of our four strategic pillars and is used to

measure both the progress and success of our

strategy implementation.

Financial

TOTAL FUNDS UNDER MANAGEMENT

AND ADMINISTRATION £bn

£109.2bn

DEFINITION

Total funds under management and

administration (FUMA) at the end of

the year.

STRATEGIC FOCUS

The value of FUMA that we manage is

directly related to the level of income

we receive.

COMMENTARY

FUMA has increased by 3.7% during the

year to £109.2 billion (2023: £105.3 billion),

predominately driven by positive market

movements. This has resulted in an increase

in Investment Management and Asset

Management fee income.

UNDERLYING

OPERATING MARGIN %

25.4%

DEFINITION

Underlying profit before tax as a

percentage of operating income.

STRATEGIC FOCUS

The margin is a measure of our operational

efficiency and overall performance. It is

measured on an underlying basis to show

the performance and growth that is driven

by ongoing operating activities, excluding

the effects of strategic investments and

corporate transactions.

COMMENTARY

The underlying operating margin increased

during the year to 25.4% (2023: 22.3%)

reflecting the delivery of synergies and the

benefits of increased scale, as we continue

to make progress towards delivering an

underlying operating margin of at least

30% on a run-rate basis from three

years following the completion of the

IW&I transaction.

UNDERLYING RETURN

ON CAPITAL EMPLOYED %

12.0%

DEFINITION

Underlying profit after tax as a percentage

of the underlying quarterly average total

of equity.

STRATEGIC FOCUS

This is a principal measure of financial

efficiency as it indicates profitability

relative to the level of shareholder capital

required to generate it.

COMMENTARY

The marginal reduction in ROCE in 2024

reflects the higher average statutory rate of

corporation tax in 2024 of 25.0% (2023:

23.5%) and 2024 being the first full year of

the higher capital base that resulted from

the combination relative to the partial

delivery of the overall synergy target during

the year.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 33

OUR KEY PERFORMANCE INDICATORS (KPIs)

109.2

105.3

60.2

25.4%

22.3%

21.3%

12.0%

12.1%

11.8%

Alternative Performance Measure

Read more: on APMs, including a reconciliation to

the financial statements (where possible), on page 43

Read more: Remuneration page 114

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

33RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Non-Financial

NUMBER OF INVESTMENT

MANAGEMENT CLIENTS

114,700

DEFINITION

The number of Investment Management

clients who use our services.

STRATEGIC FOCUS

In an industry where scale is important,

the size of our client base helps to

determine market share.

COMMENTARY

Client numbers have remained stable

following the combination.

CLIENT NET PROMOTER SCORE

56%

DEFINITION

The likelihood that a client will recommend

Rathbones. Collected through a survey

where clients score the business between

-100% and 100%.

STRATEGIC FOCUS

Our client Net Promoter Score (NPS)

highlights client satisfaction. We benchmark

against our peers and our score shows

clientsʼ willingness to recommend

Rathbones as a business.

COMMENTARY

The increase in score reflects our

continuing focus on the quality of our client

service. This score is exclusive of the IW&I

client NPS of 67% (2023: 40%). The 2024

survey had a smaller sample size due to the

migration process. The NPS scores will be

determined on a combined basis following

the migration of IW&I clients onto the

Rathbones platform in 2025.

NUMBER OF INVESTMENT MANAGERS

678

DEFINITION

Employees who are regulated to provide

discretionary investment management

services to clients within the Wealth

Management segment.

STRATEGIC FOCUS

This reflects our capacity to service

the Groupʼs investment management

client base and accommodate growth.

COMMENTARY

The number of investment managers has

remained broadly consistent year on year,

demonstrating that we are able to retain

talent. This KPI excludes Investment

Management professionals in our Asset

Management segment (2024: 26, 2023:

23, 2022: 24).

NUMBER OF FINANCIAL PLANNERS

122

DEFINITION

Employees who are qualified to provide

financial planning advice within the Wealth

Management segment.

STRATEGIC FOCUS

This reflects our capacity to service the

Groupʼs financial planning client base,

capacity to accommodate growth, and

ability to deliver the Groupʼs strategic

objectives relating to advice.

COMMENTARY

The increase in Financial Planners in 2024

shows that we are able to attract new

talent, creating more capacity to service

our clientsʼ advice needs. This KPI excludes

third party Financial Planners who are

employed by firms which are members of

the Vision Independent Financial Planning

network (2024: 142, 2023: 138, 2022: 131).

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 35

OUR KEY PERFORMANCE INDICATORS (KPIs)

56%

43%

39%

678

681

355

122

117

114,700

114,200

67,700

Alternative Performance Measure

Read more: on APMs, including a reconciliation to

the financial statements (where possible), on page 43

Read more: Remuneration page 114

Financial continued

DIVIDEND PER SHARE p

93.0p

DEFINITION

Total annual dividend per share for the year

(interim and final).

STRATEGIC FOCUS

Dividends represent an important part

of the returns to shareholders.

COMMENTARY

The dividend for the year represents

an increase of 6.9% relative to the prior

year, consistent with our progressive

dividend policy.

UNDERLYING EARNINGS

PER SHARE p

161.6p

DEFINITION

Underlying profit after tax divided

by the weighted average number of

ordinary shares in issue during the year.

STRATEGIC FOCUS

Measuring earnings on a per share

basis provides further insight into the

profitability of the Group and facilitates

external comparisons.

COMMENTARY

The growth in underlying EPS in 2024 is

driven by the increased profitability of the

business following the combination with

IW&I, which reflects the benefit of the

synergies that have been realised.

COMMON EQUITY

TIER 1 RATIO %

19.0%

DEFINITION

Common Equity Tier 1 (CET1) capital as a

percentage of the total risk exposure amount.

STRATEGIC FOCUS

As a regulated entity, we must maintain a

level of capital that exceeds the minimum

regulatory requirement. A higher CET1 ratio

is an indicator of financial strength. We seek

to maintain a balance of a robust surplus of

and an efficient allocation of capital.

COMMENTARY

The CET1 ratio has increased during the

year. This reflects the completion of the

Groupʼs defined benefit pension schemesʼ

ʻbuy-inʼ of insurance to cover the schemesʼ

future liabilities. This mitigated the future

risk to the Group and resulted in a

reduction in the minimum level of capital

that the Group is required to hold.

1. Stated inclusive of the retained profit for the year ended

31 December 2024 which became verified profit on

25 February 2025, but prior to taking into account the

proposed final dividend relating to 2024.

RATE OF NET ORGANIC GROWTH IN

FUNDS UNDER MANAGEMENT %

(1.3)%

DEFINITION

The value of annual net inflows of funds

under management and administration

(FUMA) as a percentage of opening FUMA.

STRATEGIC FOCUS

This is a measure of the ability of the

business to grow organically.

COMMENTARY

Gross inflows of FUMA remained strong but

were offset by a continuation of elevated

gross outflows. The level of outflows is the

result of factors that are macroeconomic

and specific to the business, as set out in the

Group Chief Financial Officerʼs review.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 34

OUR KEY PERFORMANCE INDICATORS (KPIs)

161.6

135.8

130.8

19.0

17.8

17.9

(1.3)

(0.8)

0.6

93.0

87.0

84.0

Alternative Performance Measure

Read more: on APMs, including a reconciliation to

the financial statements (where possible), on page 43

Read more: Remuneration page 114

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

34RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Non-Financial

NUMBER OF INVESTMENT

MANAGEMENT CLIENTS

114,700

DEFINITION

The number of Investment Management

clients who use our services.

STRATEGIC FOCUS

In an industry where scale is important,

the size of our client base helps to

determine market share.

COMMENTARY

Client numbers have remained stable

following the combination.

CLIENT NET PROMOTER SCORE

56%

DEFINITION

The likelihood that a client will recommend

Rathbones. Collected through a survey

where clients score the business between

-100% and 100%.

STRATEGIC FOCUS

Our client Net Promoter Score (NPS)

highlights client satisfaction. We benchmark

against our peers and our score shows

clientsʼ willingness to recommend

Rathbones as a business.

COMMENTARY

The increase in score reflects our

continuing focus on the quality of our client

service. This score is exclusive of the IW&I

client NPS of 67% (2023: 40%). The 2024

survey had a smaller sample size due to the

migration process. The NPS scores will be

determined on a combined basis following

the migration of IW&I clients onto the

Rathbones platform in 2025.

NUMBER OF INVESTMENT MANAGERS

678

DEFINITION

Employees who are regulated to provide

discretionary investment management

services to clients within the Wealth

Management segment.

STRATEGIC FOCUS

This reflects our capacity to service

the Groupʼs investment management

client base and accommodate growth.

COMMENTARY

The number of investment managers has

remained broadly consistent year on year,

demonstrating that we are able to retain

talent. This KPI excludes Investment

Management professionals in our Asset

Management segment (2024: 26, 2023:

23, 2022: 24).

NUMBER OF FINANCIAL PLANNERS

122

DEFINITION

Employees who are qualified to provide

financial planning advice within the Wealth

Management segment.

STRATEGIC FOCUS

This reflects our capacity to service the

Groupʼs financial planning client base,

capacity to accommodate growth, and

ability to deliver the Groupʼs strategic

objectives relating to advice.

COMMENTARY

The increase in Financial Planners in 2024

shows that we are able to attract new

talent, creating more capacity to service

our clientsʼ advice needs. This KPI excludes

third party Financial Planners who are

employed by firms which are members of

the Vision Independent Financial Planning

network (2024: 142, 2023: 138, 2022: 131).

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 35

OUR KEY PERFORMANCE INDICATORS (KPIs)

56%

43%

39%

678

681

355

122

117

114,700

114,200

67,700

Alternative Performance Measure

Read more: on APMs, including a reconciliation to

the financial statements (where possible), on page 43

Read more: Remuneration page 114

Financial continued

DIVIDEND PER SHARE p

93.0p

DEFINITION

Total annual dividend per share for the year

(interim and final).

STRATEGIC FOCUS

Dividends represent an important part

of the returns to shareholders.

COMMENTARY

The dividend for the year represents

an increase of 6.9% relative to the prior

year, consistent with our progressive

dividend policy.

UNDERLYING EARNINGS

PER SHARE p

161.6p

DEFINITION

Underlying profit after tax divided

by the weighted average number of

ordinary shares in issue during the year.

STRATEGIC FOCUS

Measuring earnings on a per share

basis provides further insight into the

profitability of the Group and facilitates

external comparisons.

COMMENTARY

The growth in underlying EPS in 2024 is

driven by the increased profitability of the

business following the combination with

IW&I, which reflects the benefit of the

synergies that have been realised.

COMMON EQUITY

TIER 1 RATIO %

19.0%

DEFINITION

Common Equity Tier 1 (CET1) capital as a

percentage of the total risk exposure amount.

STRATEGIC FOCUS

As a regulated entity, we must maintain a

level of capital that exceeds the minimum

regulatory requirement. A higher CET1 ratio

is an indicator of financial strength. We seek

to maintain a balance of a robust surplus of

and an efficient allocation of capital.

COMMENTARY

The CET1 ratio has increased during the

year. This reflects the completion of the

Groupʼs defined benefit pension schemesʼ

ʻbuy-inʼ of insurance to cover the schemesʼ

future liabilities. This mitigated the future

risk to the Group and resulted in a

reduction in the minimum level of capital

that the Group is required to hold.

1. Stated inclusive of the retained profit for the year ended

31 December 2024 which became verified profit on

25 February 2025, but prior to taking into account the

proposed final dividend relating to 2024.

RATE OF NET ORGANIC GROWTH IN

FUNDS UNDER MANAGEMENT %

(1.3)%

DEFINITION

The value of annual net inflows of funds

under management and administration

(FUMA) as a percentage of opening FUMA.

STRATEGIC FOCUS

This is a measure of the ability of the

business to grow organically.

COMMENTARY

Gross inflows of FUMA remained strong but

were offset by a continuation of elevated

gross outflows. The level of outflows is the

result of factors that are macroeconomic

and specific to the business, as set out in the

Group Chief Financial Officerʼs review.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 34

OUR KEY PERFORMANCE INDICATORS (KPIs)

161.6

135.8

130.8

19.0

17.8

17.9

(1.3)

(0.8)

0.6

93.0

87.0

84.0

Alternative Performance Measure

Read more: on APMs, including a reconciliation to

the financial statements (where possible), on page 43

Read more: Remuneration page 114

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

35RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

36RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

IAIN HOOLEY

GROUP CHIEF FINANCIAL OFFICER

A review of our

financial performance

FINANCIAL PERFORMANCE

Growth in profit before tax and

operating margin is supported

by synergy delivery that is well

ahead of target.

SEGMENTAL REVIEW

Read about the Groupʼs

performance through our

Wealth Management and

Asset Management segments.

See page 40

See page 45

FINANCIAL POSITION

The Group maintains a robust

capital base – the key financial

position metrics are set out in

table 19.

LIQUIDITY AND CASH FLOW

The Group remains highly

cash generative and

maintains substantial levels

of liquidity.

See page 53

See page 57

2024 is the first full financial year following the

combination with Investec Wealth & Investment

UK (IW&I). The increases in operating income,

profit and earnings per share that we report

this year reflect both the strength of the

underlying business, the benefits of the

combination and the extent to which our

delivery of the related synergies has exceeded

the targets we set for 2024.

Total synergies delivered at 31 December 2024

amount to £30.1

million on an annualised

run-rate basis. This represents 50% of our

overall synergy target and is well ahead of the

£15 million originally expected for this stage

in the integration process, reflecting the

organisational and property changes that we

have been able to deliver earlier than planned.

The synergies delivered in 2024 have arisen

over the course of the year, resulting in an

overall benefit to 2024 operating profit of

£24.6 million.

We remain confident that we will deliver the

full £60.0 million of synergies in line with the

timeframe that we committed to at the time we

announced the transaction. We remain focused

on maximising our overall synergy delivery,

in addition to maintaining a high degree of cost

discipline across the Group.

The costs of delivering the integration, which

are reported as non-underlying costs, remain

in line with our expectations. We remain

confident that we will complete the integration

within our original timeframe and overall

cost guidance.

In addition to synergy realisation, business

performance benefited from higher levels of

Funds Under Management and Administration

(FUMA), which increased by 3.7% during the

year to £109.2 billion on 31 December 2024

(2023: £105.3 billion).

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 36

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

Embracing change,

creating value

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

37RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

IAIN HOOLEY

GROUP CHIEF FINANCIAL OFFICER

A review of our

financial performance

FINANCIAL PERFORMANCE

Growth in profit before tax and

operating margin is supported

by synergy delivery that is well

ahead of target.

SEGMENTAL REVIEW

Read about the Groupʼs

performance through our

Wealth Management and

Asset Management segments.

Read more: See page 57

2024 is the first full financial year following the

combination with Investec Wealth & Investment

UK (IW&I). The increases in operating income,

profit and earnings per share that we report

this year reflect both the strength of the

underlying business, the benefits of the

combination and the extent to which our

delivery of the related synergies has exceeded

the targets we set for 2024.

Total synergies delivered at 31 December 2024

amount to £30.1

million on an annualised

run-rate basis. This represents 50% of our

overall synergy target and is well ahead of the

£15 million originally expected for this stage

in the integration process, reflecting the

organisational and property changes that we

have been able to deliver earlier than planned.

The synergies delivered in 2024 have arisen

over the course of the year, resulting in an

overall benefit to 2024 operating profit of

£24.6 million.

We remain confident that we will deliver the

full £60.0 million of synergies in line with the

timeframe that we committed to at the time we

announced the transaction. We remain focused

on maximising our overall synergy delivery,

in addition to maintaining a high degree of cost

discipline across the Group.

The costs of delivering the integration, which

are reported as non-underlying costs, remain

in line with our expectations. We remain

confident that we will complete the integration

within our original timeframe and overall

cost guidance.

In addition to synergy realisation, business

performance benefited from higher levels of

Funds Under Management and Administration

(FUMA), which increased by 3.7% during the

year to £109.2 billion on 31 December 2024

(2023: £105.3 billion).

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 36

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

TABLE 1. GROUPʼS OVERALL PERFORMANCE

2024 2023

£m (unless

stated)

£m (unless

stated)

Operating income

895.9 571.1

Underlying operating expenses¹

(668.3) (444.0)

Underlying profit before tax¹

227.6 127.1

Underlying operating margin¹

25.4% 22.3%

Profit before tax

99.6 57.6

Effective tax rate

34.2% 34.9%

Taxation

(34.1) (20.1)

Profit after tax

65.5 37.5

Underlying earnings per share¹

161.6p 135.8p

Earnings per share

63.0p 52.6p

Dividend per share²

93.0p 87.0p

Return on capital employed (ROCE)

4.8% 4.9%

Underlying return on capital employed¹

12.0% 12.1%

1. Reconciliation between the measure stated and its closest IFRS equivalent is set out in table 4.

2. Total of the interim dividend paid and the final dividend proposed for the financial year.

Our ambition is set firmly on growing our

underlying operating margin. We have made

significant progress this year with our margin

increasing to 25.4% for 2024 from 22.3% in

2023 as we continue to realise the benefits of

our increased scale.

We have maintained a strong capital base

throughout the year as we work through the

integration of IW&I and remain committed to

our progressive dividend policy. The Board is

recommending a total dividend for the year

of 93.0p per share (2023: 87.0p per share),

an increase of 6.9%. Our policy recognises

that this yearʼs dividend is uncovered at

statutory profit level. However, this reflects

the effect of integration costs that will fall

away in future years.

Our results for 2024 include the contribution

of IW&I for the full financial year. The

comparative figures for 2023 include three

months of IW&Iʼs contribution from 1 October

2023, reflecting the timing of the completion

of the combination.

The movements in income and costs relative

to the prior year therefore largely reflect the

additional nine months of IW&Iʼs contribution

in 2024 relative to 2023.

Operating income increased by 56.9%

to £895.9 million (2023: £571.1 million),

of which IW&I contributed £364.5 million

(2023: £87.9 million) and the legacy Rathbones

Group contributed £531.4 million (2023:

£483.2 million).

Investment management and asset

management fees benefited from higher

levels of FUMA, which increased by 3.7%

to £109.2 billion during the year.

Interest income increased steadily over the

course of the prior year as interest rates rose.

The benefit of the higher level of this income

at the end of 2023 was carried into 2024

and mostly maintained throughout the year.

Net interest income contributed £63.9 million

to operating income in 2024 (2023:

£51.7 million). This income relates mainly to

the legacy Rathbones Group, as IW&I does not

hold banking deposits on its own balance sheet.

Interest relating to client money deposits within

IW&I, which increased during the year due to

the benefit of a full year of higher interest rates,

is recognised within other income. This will be

reported as net interest income following the

migration of IW&I into Rathbones Investment

Management.

Commission income improved as a result of

higher transaction volumes relative to the prior

year. In particular, we saw an unseasonal up-tick

in volumes around the time of the UK Autumn

Budget due to a greater propensity to crystallise

capital gains ahead of the tax changes

anticipated in the Budget.

Underlying operating expenses increased as a

result of the inclusion of a full year of the IW&I

cost base, net of the benefit of synergies

delivered during the year. Expenditure was

driven higher by the effects of inflation and

related salary increases, which averaged 3.6%

and took effect from April (Rathbones) and

June (IW&I). Employee costs in 2024 also

reflect a full year of the cost of the headcount

recruited during 2023. Variable remuneration

increased as a result of income growth.

HIGHLIGHTS:

Financial performance

PROFIT BEFORE TAX UNDERLYING

PROFIT BEFORE TAX

£99.6m £227.6m

2023: £57.6m 2023: £127.1m

FUMA SYNERGIES

ACHIEVED

£109.2bn £30.1m

2023: £105.3bn

OPERATING

MARGIN

UNDERLYING

OPERATING

MARGIN

11.1% 25.4%

2023: 10.1% 2023: 22.3%

BASIC EPS UNDERLYING

BASIC EPS¹

63.0p 161.6p

2023: 52.6p 2023: 135.8p

DIVIDEND

PER SHARE

93.0p

2023: 87.0p

1. This measure is considered to be an Alternative

Performance Measure (APM). Please refer to page 43

for more details on APMs

STRATEGIC

REPORT

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REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 37

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

STRATEGIC

REPORT

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STATEMENTS

GOVERNANCE

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INFORMATION

38RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Total headcount set out in note 10 includes 101

heads (measured on a full-time equivalent basis)

at 31 December 2024 who are dedicated

entirely to the IW&I integration project and

whose costs form part of the costs to achieve

the integration, which are reported as non-

underlying costs. Technology costs increased as

we develop and enhance our systems across

the business, including our client service,

operational and data infrastructure capabilities.

A portion of the increase is short-term as we

implement outsourcing of certain services.

The 2024 FSCS levy of £4.4 million was

expensed in full during the first half of 2024.

The cost for the year represents an increase

of £3.8 million relative to the prior year,

inclusive of the levy relating to IW&I. The levy in

the prior year

was suppressed as a result of the

FSCS utilising existing surpluses.

The underlying operating margin, which is

calculated as the ratio of underlying profit

before tax to operating income, improved to

25.4% (2023: 22.3%). This increase represents

a significant step towards our target of

delivering a margin in excess of 30% from

September 2026, being three years following

the completion of the IW&I transaction.

The InvestCloud Client Lifecycle Management

system (CLM) was launched into the business

in June 2024. Operating expenses for the year

include £14.7 million in relation to this system.

Total investment during the current and

previous financial years up to the point of

launch amounted to £45 million, in line with

our previous guidance.

Underlying profit before tax, which is net of

the CLM costs referred to above, was £227.6

million for the year ended 31 December 2024

(2023: £127.1million), representing an increase

of 79.1%.

Costs directly related to the integration of

IW&I, net of £16.9 million of credits arising on

the disposal of 8 Finsbury Circus, amounted to

£75.5 million during the year (2023: £36.5

million), which is in line with our guidance.

These costs are reported within non-underlying

costs, which also include amortisation of

intangible assets of £44.6 million and acquisition

costs of £7.9 million (2023: £6.8 million)

relating to deferred consideration payable

for the Saunderson House acquisition.

Statutory profit before tax increased by

72.9% to £99.6 million for the year (2023:

£57.6 million), after expensing amortisation

of client relationship intangible assets of

£44.6 million (2023: £25.2 million) and

integration related costs of £83.4 million

(2023: £44.3 million acquisition-related and

integration costs).

The effective rate of tax reduced to 34.2%

for the year (2023: 34.9%). The prior year rate

was elevated by the effect of disallowable costs

relating to the IW&I transaction. Whilst these

costs were specific to the transaction and have

not recurred in the current year, the

effective

tax rate for 2024 has been elevated by certain

non-underlying integration costs along with the

statutory rate of 25.0% applying for the full

financial year. Once the integration of IW&I has

been completed, we expect the effective tax

rate to run at an average of 2 to 3 percentage

points above the statutory rate, reflecting

normal levels of disallowable costs.

The Board considers underlying and statutory

measures of income, expenditure and earnings

when assessing the performance of the Group.

The underlying balances are considered to

provide useful information on business

performance, rather than reviewing results on

a statutory basis only. These measures are also

widely used by research analysts covering the

Group. A full reconciliation between underlying

results and the closest IFRS equivalent is

provided on pag

e 42.

OUTLOOK AND GUIDANCE

The Groupʼs recurring fee income and overall

financial performance remains closely linked to

the level of FUMA and therefore the direction

of global investment markets. Markets have had

a positive impact on FUMA during the year but

FUMA and performance remain sensitive to

future movements, including those driven by

continuing levels of uncertainty in the economic

and geopolitical environment.

The reduction in the rate of UK inflation during

the year is welcome and we remain focused on

ensuring a high degree of discipline in managing

our cost base. While 2025 will see a full year of

the 2024 annual salary reviews, we expect

salary inflation to be lower in 2025 at

around 2%.

The lower rate of inflation has led to reductions

in central bank interest rates during the second

half of 2024. These reductions have so far had

a relatively small impact on net interest income,

due to the effect on interest earned and

interest paid to clients being broadly matched.

Should further reductions materialise in 2025

in line with market expectations, we expect

to see a modest reduction in our net interest

margin, albeit that may be more than offset

by higher fee revenues in the event that equity

prices react positively to rate reductions

materialising.

The UK government announced an increase

in the rate of employersʼ National Insurance

Contributions (NIC) in its Autumn Budget,

which will take effect in April 2025. The changes

announced will increase NIC costs by around

£7.0 million per annum from April 2025,

based on current levels of remuneration

and headcount.

Headcount is expected to reduce over the

course of 2025. This reduction will principally

result from synergy delivery, along with

ongoing cost discipline.

We are making good progress towards

delivering an underlying operating margin

of 30% from September 2026,

notwithstanding the additional headwinds that

have arisen since we set out this target, which

include ongoing inflationary pressures and the

estimated impact o

f NlCs from April 2025.

Delivery of this will be on a run-rate basis from

three years following completion of the IW&I

transaction, i.e. September 2026.

This margin growth will be underpinned

by a combination of:

• Modest market growth in line with inflation

• A return to organic net inflows, supported

by growth in advice, refreshed marketing

and distribution capabilities and growth in

our Asset Management business

• Ongoing cost discipline, in what we expect

to be a more normalised inflationary

environment

• Synergy delivery in line with guidance.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 38

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

STRATEGIC

REPORT

FINANCIAL

STATEMENTS

GOVERNANCE

REPORT

FURTHER

INFORMATION

39RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

Total headcount set out in note 10 includes 101

heads (measured on a full-time equivalent basis)

at 31 December 2024 who are dedicated

entirely to the IW&I integration project and

whose costs form part of the costs to achieve

the integration, which are reported as non-

underlying costs. Technology costs increased as

we develop and enhance our systems across

the business, including our client service,

operational and data infrastructure capabilities.

A portion of the increase is short-term as we

implement outsourcing of certain services.

The 2024 FSCS levy of £4.4 million was

expensed in full during the first half of 2024.

The cost for the year represents an increase

of £3.8 million relative to the prior year,

inclusive of the levy relating to IW&I. The levy in

the prior year was suppressed as a result of the

FSCS utilising existing surpluses.

The underlying operating margin, which is

calculated as the ratio of underlying profit

before tax to operating income, improved to

25.4% (2023: 22.3%). This increase represents

a significant step towards our target of

delivering a margin in excess of 30% from

September 2026, being three years following

the completion of the IW&I transaction.

The InvestCloud Client Lifecycle Management

system (CLM) was launched into the business

in June 2024. Operating expenses for the year

include £14.7 million in relation to this system.

Total investment during the current and

previous financial years up to the point of

launch amounted to £45 million, in line with

our previous guidance.

Underlying profit before tax, which is net of

the CLM costs referred to above, was £227.6

million for the year ended 31 December 2024

(2023: £127.1million), representing an increase

of 79.1%.

Costs directly related to the integration of

IW&I, net of £16.9 million of credits arising on

the disposal of 8 Finsbury Circus, amounted to

£75.5 million during the year (2023: £36.5

million), which is in line with our guidance.

These costs are reported within non-underlying

costs, which also include amortisation of

intangible assets of £44.6 million and acquisition

costs of £7.9 million (2023: £6.8 million)

relating to deferred consideration payable

for the Saunderson House acquisition.

Statutory profit before tax increased by

72.9% to £99.6 million for the year (2023:

£57.6 million), after expensing amortisation

of client relationship intangible assets of

£44.6 million (2023: £25.2 million) and

integration related costs of £83.4 million

(2023: £44.3 million acquisition-related and

integration costs).

The effective rate of tax reduced to 34.2%

for the year (2023: 34.9%). The prior year rate

was elevated by the effect of disallowable costs

relating to the IW&I transaction. Whilst these

costs were specific to the transaction and have

not recurred in the current year, the effective

tax rate for 2024 has been elevated by certain

non-underlying integration costs along with the

statutory rate of 25.0% applying for the full

financial year. Once the integration of IW&I has

been completed, we expect the effective tax

rate to run at an average of 2 to 3 percentage

points above the statutory rate, reflecting

normal levels of disallowable costs.

The Board considers underlying and statutory

measures of income, expenditure and earnings

when assessing the performance of the Group.

The underlying balances are considered to

provide useful information on business

performance, rather than reviewing results on

a statutory basis only. These measures are also

widely used by research analysts covering the

Group. A full reconciliation between underlying

results and the closest IFRS equivalent is

provided on page 42.

OUTLOOK AND GUIDANCE

The Groupʼs recurring fee income and overall

financial performance remains closely linked to

the level of FUMA and therefore the direction

of global investment markets. Markets have had

a positive impact on FUMA during the year but

FUMA and performance remain sensitive to

future movements, including those driven by

continuing levels of uncertainty in the economic

and geopolitical environment.

The reduction in the rate of UK inflation during

the year is welcome and we remain focused on

ensuring a high degree of discipline in managing

our cost base. While 2025 will see a full year of

the 2024 annual salary reviews, we expect

salary inflation to be lower in 2025 at

around 2%.

The lower rate of inflation has led to reductions

in central bank interest rates during the second

half of 2024. These reductions have so far had

a relatively small impact on net interest income,

due to the effect on interest earned and

interest paid to clients being broadly matched.

Should further reductions materialise in 2025

in line with market expectations, we expect

to see a modest reduction in our net interest

margin, albeit that may be more than offset

by higher fee revenues in the event that equity

prices react positively to rate reductions

materialising.

The UK government announced an increase

in the rate of employersʼ National Insurance

Contributions (NIC) in its Autumn Budget,

which will take effect in April 2025. The changes

announced will increase NIC costs by around

£7.0 million per annum from April 2025,

based on current levels of remuneration

and headcount.

Headcount is expected to reduce over the

course of 2025. This reduction will principally

result from synergy delivery, along with

ongoing cost discipline.

We are making good progress towards

delivering an underlying operating margin

of 30% from September 2026,

notwithstanding the additional headwinds that

have arisen since we set out this target, which

include ongoing inflationary pressures and the

estimated impact of NlCs from April 2025.

Delivery of this will be on a run-rate basis from

three years following completion of the IW&I

transaction, i.e. September 2026.

This margin growth will be underpinned

by a combination of:

• Modest market growth in line with inflation

• A return to organic net inflows, supported

by growth in advice, refreshed marketing

and distribution capabilities and growth in

our Asset Management business

• Ongoing cost discipline, in what we expect

to be a more normalised inflationary

environment

• Synergy delivery in line with guidance.

STRATEGIC

REPORT

GOVERNANCE

REPORT

FINANCIAL

STATEMENTS

FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 38

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

We expect the improvement in the underlying

operating margin to arise mostly during 2026,

with a more modest improvement in 2025.

This principally reflects the timing of further

synergy benefits, which will be weighted towards

the second half of the 2025 financial year, when

the cost savings which are linked to the migration

to a single operating platform will materialise

and we work towards IW&I ceasing to run as

a separate, regulated entity. Performance in

2025 will also reflect the increase in NIC costs

and a full year of the 2024 salary reviews,

which were undertaken in the higher inflationary

environment. We also expect to see a flatter

seasonal spike in transaction-based commission

income in March 2025 as a result of the

additional activity that arose on client portfolios

ahead of the 2024 Autumn Budget.

We expect to see growth in advice revenues in

2025 as a result of increased advisor capacity

following completion of the Saunderson House

migration and our continuing focus on advice,

along with increased demand following the

taxation changes announced in the 2024

Autumn Budget. Net interest income will

benefit from the delivery of revenue synergies

in the second half of 2025 following the IW&I

client migration, with net interest margins

expected to see only a modest impact from

the reductions in central bank rates that are

anticipated. We will be focused on our growth

agenda in 2025 to drive improved net flows.

Delivering sustainable value to our shareholders

and maintaining a disciplined and efficient

approach to managing shareholder capital

is of the highest importance to the Board.

The Group continues to maintain a robust

capital base, with a surplus of capital above

the regulatory minimum of £207.2 million at 31

December 2024 (prior to taking into account

the proposed final dividend for the year) which

supports strategic investment, the ongoing

integration of the IW&I business and our

progressive dividend policy.

The business remains highly cash generative

and we expect to see a further increase in

cash generation once the integration of IW&I

is complete and we see the full benefits of the

combination synergies. As such, we will review

our capital allocation policy, including an

evaluation of our capacity for surplus returns,

following the migration of IW&I onto a single

operating platform later this year.

STRATEGIC

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FURTHER

INFORMATION

RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 39

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

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40RATHBONES GROUP PLC REPORT & ACCOUNTS 2024

BUSINESS PERFORMANCE: FUNDS UNDER MANAGEMENT

AND ADMINISTRATION (FUMA)

Total Group FUMA increased by 3.7% during the year to reach £109.2 billion at 31 December 2024

(2023: £105.3 billion). The increase is driven predominantly by the effect of positive market

movements.

The Group continued to drive strong gross inflows across both the Wealth Management and Asset

Management segments. However, outflows remained elevated, reflecting both the economic

backdrop and specific factors. Consequently, the Group reported net outflows of £1.4 billion

for the year.

FUMA for the Wealth Management segment increased by 3.3% during the year. Gross inflows were

strong, increasing by 76.4% relative to the prior year and reaching record levels in the final quarter

of the financial year as the business continued to drive new business flows despite IW&I investment

teams committing significant time to undertaking the client consent process.

Rathbones discretionary and managed services delivered net inflows of £1.0 billion, representing

an annual growth rate of 2.0% (2023: 1.5%). This reflects gross inflows of £6.3 billion, an increase

of 23.5% relative to 2023, as the business continued to drive strong levels of new business.

In addition to new business flows, Rathbones discretionary and managed FUMA benefited from

the final migration of Saunderson House client assets into Rathbones investment solutions.

IW&I contributed £4.0 billion (2023: £0.8 billion) of gross inflows during the year. After taking

account of elevated gross outflows, IW&I reported net outflows for the year of £1.0 billion

(2023: £0.3 billion).

Gross outflows within the Wealth Management segment remained elevated throughout the year.

This reflected the continuing general economic backdrop of higher interest rates and the increased

cost of living, which has driven existing clients to partially withdraw funds from their portfolios.

In addition, IW&I experienced expected outflows relating to Investment Managers who left the

business prior to the announcement of the combination. Investment Manager turnover since then

has remained low. The level of these outflows reduced over the course of the year, with those

in the final quarter being the lowest level for any quarter of the year. The migration of former

Saunderson House FUMA into Rathbones investment solutions was completed during the year.

Associated outflows of £0.5 billion included £0.2 billion of FUMA relating to clients who did not

complete the consent process. Wealth Management outflows were also somewhat elevated in the

short term as a result of some net withdrawals of funds by existing clients around the time of the

UK governmentʼs Autumn Budget.

The Asset Management segment reported net inflows o

f £0.6 billion (2023: £1.5 billion) for the

year, representing a rate of net grow

th of 4.3% (2023: 13.7%). The segment was affected by the

challenging market environment that has continued to impact the UK asset management industry,

where substantial withdrawals from UK funds has continued across the sector. Our single strategy

funds were not immune from this backdrop, but showed relative resilience with net outflows

of £0.6 billion for the year (2023: £0.5 billion outflow), representing 8.1% of opening FUMA

(2023

: 8.5%). These outflows were partially offset by investment performance. Multi-asset funds

continued to deliver net inflows, inclusive of intra-group holdings, of £1.2 billion (2023: £2.1 billion).

When adjusted for intra-group holdings, net inflows

amounting to £0.2 million for the year

(2023: £0.3 million), represented annual growth of 7.7% (2023: 13.8%) net of intra-group holdings.

Asset Management FUMA increased by 14.5% for the year overall.

Table 2 presents Group FUMA by Wealth Management and Asset Management segment with

associated intra-group holdings. Wealth Management FUMA incorporates our core bespoke

discretionary portfolio and managed portfolio services. It also includes direct sales into our range of

risk-targeted multi-asset funds, which are designed to be used as wealth management solutions for

both our direct clients and those of investment platforms and financial advisors. Asset Management

FUMA includes our focused range of specialist ʻsingle-strategyʼ funds, which are designed to act as

individual holdings within investment portfolios.

TABLE 2. SEGMENT FUMA

Year ended 31 December 2024

Wealth

Management

£bn

Asset

Management

£bn

Intra-group

holdings

£bn

Group FUMA

£bn

Opening FUMA

96.1 13.8 (4.6) 105.3

Gross Inflows

9.7 4.4 (2.0) 12.1

Gross Outflows

(10.7) (3.8) 1.0 (13.5)

Net Flows

(1.0) 0.6 (1.0) (1.4)

Market, Investment Performance &

Transfers

4.2 1.4 (0.3) 5.3

Closing FUMA

99.3 15.8 (5.9) 109.2

STRATEGIC

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RATHBONES GROUP PLC REPORT & ACCOUNTS 2024 40

GROUP CHIEF FINANCIAL OFFICERʼS REVIEW

FINANCIAL PERFORMANCE

STRATEGIC

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41RATHBONES GROUP PLC REPORT & ACCOUNTS 2024