Rathbones cuts jobs as profits drop

Rathbone Brothers' pre-tax profit fell almost 65% last year from £61.3m to £39.7m primarily due to £26.1m in deferred staff payouts relating to its 2018 purchase of Scottish wealth manager Speirs & Jeffrey. Total funds under management at Rathbone Brothers surged 14.3% in 2019, reaching £50.4bn, according to its preliminary results. Funds in its investment management arm grew 11.7% to £43bn, while operating income increased 12.9% to £310.9m for the year ended December 31, 2019. Rathbone Unit Trust Management saw its funds under management rise to £7.4bn over the year to December, 31 2...