Rathbones saw assets under management rise by 5 per cent in the final quarter of 2023, despite the group recording £222mn of outflows.
According to the firm's latest trading statement, there were positive flows of £392mn into the Rathbones discretionary and managed service which was offset by outflows of £327mn from Investec W&I.
Rathbones merged with Investec in September 2023, after announcing the move in April.
Analysts from Peel Hunt said: "It is worth nothing that with regards to the Investec W&I managers, since the transaction was announced manager turnover has been low and engagement between new colleagues has been very positive.
"We remain encouraged by the positive flows into the core business, noting that flows into bespoke portfolios have been strong over the year, with financial adviser linked business continuing to increase."
Overall, total funds under management reached £105.3bn at December 31, 2023, compared with £60.2bn the same time the previous year and £100.7bn in September 2023.
Broken down, this is made up of £48bn in Rathbones Investment Management, £42.2bn in IW&I, £1.3bn in Saunderson House and £13.8bn in Rathbones Asset Management.
In its update, Rathbones said: "Economic uncertainties are expected to persist in 2024, however, Rathbones will continue to remain focused on client engagement as we deliver toward our key strategic objectives.
"Rathbones begins 2024 as an enlarged group that remains well-positioned to take advantage of both benefits of scale and future growth opportunities."
tara.o'connor@ft.com
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