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Rathbones grows funds under management to £14bn

Wealth manager Rathbone Brothers, thought to be Liverpool's oldest company, has reported a 7.3 per cent increase in funds under management during the first quarter of the year, benefiting from a recent acquisition and strengthening equity markets. The group said total funds under management were £14.05bn at 31 March, up from £13.1bn at the end of December. The growth has been helped by last year’s acquisition of the Bank of Scotland’s Portfolio Management Service from Lloyds Banking Group. The transaction has so far introduced approximately £600m of new funds and more than 3,000 new clients to Rathbones. Chairman Mark Powell said: “Our positive first quarter results should be seen against a backdrop of a fragile world economy and the unknown impact of the general election in the UK. Rathbones has a strong balance sheet with minimal borrowings and is well positioned to take advantage of future growth opportunities.”


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NW Property Event 17th June 2010 - Contact David Smalley 0161 907 9721

 

 

Deals
Ashley House to acquire SPS

Strategic Property Solutions (SPS), a developer of accommodation of people with mental health problems, is to be acquired for the second time in a year. AIM-listed Ashley House has entered into a contract to purchase the development pipeline of the Warrington-based business, which includes eight assisted living schemes for mental health patients. The company will issue 2.3 million new shares at 65p each, valuing SPS at £1.5m. Last July, SPS changed hands for £1.63m when it was bought by investment vehicle Ely Capital. For Insider comment, click here.

Business
Marco Pierre White to open in Liverpool

First Jamie Oliver, now Marco Pierre White. The fiery celebrity chef is to open a new restaurant in Liverpool city centre. The Marco Pierre White Steakhouse Bar & Grill, set to open in spring 2011, will be the focal point of the new £15m Hotel Indigo, to be owned and operated by Sanguine Hospitality in Chapel Street. It will be his third North West venue after the Swan Inn in Aughton and Doubletree by Hilton Chester. White said: “There is a clear appetite for affordable glamour and quality food in the region and now we’re bringing that into the heart of Liverpool.”

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Liverpool praised by cities group

Liverpool’s commercial district has been praised by Sustainable Network, a multinational collection of business districts committed to reducing the environmental impact of development and management practices. In the group’s latest survey, Liverpool is praised for compiling a sustainable building manual, renovating listed buildings and recycling construction debris. Commercial District Partnership chief executive Paul Rice has been invited to an international workshop in Montreal, where he will lead the discussion on mobility, in addition to topics such as energy management and life cycle.

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Qualoria heads to US for official launch

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Johnson Service Group expects a satisfactory result

Johnson Service Group this morning announced that first quarter trading has been in line with expectations, despite its dry-cleaning business being hit by the “severe winter weather” at the start of the year. In a statement to the Stock Exchange, the business, which is based in Preston Brook and operates its dry-cleaning business from Prescot, said it does not anticipate an upturn in trading conditions, but it is confident of achieving a satisfactory full-year result. In March, Johnson Service Group reported a pre-tax profit of £20.6m for the year to 31 December, up from a loss of £6.8m a year earlier.

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Tax plans and public sector cuts to influence voting

Property
St Paul’s Square celebrates sales success

English Cities Fund’s St Paul’s Square residential building has reported 21 completed sales since June 2009, bringing in £2.2m and making it the best-selling residential development in Liverpool’s commercial district. The 11-storey apartment building offers 50 one- and two-bedroom apartments. Martyn Green, partner at King Sturge, says: “The apartments don’t hang around on the marketplace for long. We have seen an amazing upturn in the market in the last few months with increasing interest from first-time buyers.”

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Tague on Tour – Flying without wings

Where outside of the city centres will be the most active commercial property market of the next few years? It could be Manchester Airport. In his weekly Tague on Tour column, Insider property writer Neil Tague visits the airport to look over the plans for Airport City. He says: “Manchester’s opportunity is unique and the potential for development immense. And quality development here should get the rest of the market raising its game.” For more from Neil, click here.

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