Profit before tax rose to £22.
million, compared to £14.
million for the same period in 2005, including profits of £1.
million from a part disposal of the company’s holding in the London Stock Exchange and costs of £1.
million from an aborted acquisition.
During the six months the company completed its acquisition of Dexia UK’s investment management and private banking business.
Total funds under management increased by 12.
%, to £10.
billion and funds managed by Rathbone Unit Trust Management rose by 16.
%.
The Jersey operation – which includes a substantial trust operation and growing investment management business – contributed £9 million of a total revenue of £78.
million, up from £8.
million for the same period last year.
Company chairman Mark Powell said the ‘surprise’ announcement from the UK Treasury of significant changes to the tax treatment of trusts was creating ‘some challenges’ for the trust division, although on a more positive note this second half of the year will see the three Jersey offices move to a single location on the Esplanade.
