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UK wealth manager providing discretionary investment management for private clients, charities and trusts.
UK wealth manager providing discretionary investment management for private clients, charities and trusts.
Charges a fee as a share of client assets it manages, so revenue rises and falls with markets and with net inflows and outflows from clients. Buying Investec's UK wealth arm in 2023 made it a bigger manager and added financial planning and advice.
In one line: A UK Northern Trust Wealth Management peer.
Moat: narrow (brand, switching costs, scale). Long-standing client relationships and switching friction anchor assets under management.
Headquarters: London, UK · Founded: 1742 · Employees: 3,251
Size Rathbones (RAT.L) is a United Kingdom Financials company (Investment Managers) with a market value of $2.42B, the 149th largest of 363 United Kingdom companies the cockpit tracks. Shares closed at £1,764 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -4.4% for the median peer and +3.6% for the United Kingdom market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 5.4% over the last twelve months (peer median +19.3%); the operating margin is 25.7% (peer median 33.4%).
Valuation It trades at 9.9× forward earnings against a peer median of 15.4× (3rd cheapest of 19).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | £1.07B | £1.03B | £1.01B | £678M | £511M |
| Revenue growth | — | +2% | +50% | +33% | — |
| Gross profit | £962M | £929M | £907M | £606M | £449M |
| EBITDA | £342M | £333M | £339M | £222M | £140M |
| Net income | £120M | £112M | £65.5M | £37.5M | £49.0M |
| Free cash flow | £294M | £187M | £120M | £58.4M | £84.2M |
| Capital expenditure | £10.9M | £8.80M | £56.6M | £10.7M | £13.1M |
| Total debt | n/a | £123M | £88.5M | £127M | £91.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Rathbones RAT.L | $2.42B | -8% | +5% | 26% | 9.9× | n/a |
| Brooks Macdonald BRK.L | $307M | +5% | +6% | -2% | 10.0× | n/a |
| St. James's Place STJ.L | $7.48B | -3% | +164% | 4% | 13.2× | n/a |
| Quilter QLT.L | $3.30B | +5% | +191% | 3% | 15.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RAT.L | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.2% | -1.9% | 2nd highest of 21 |
| 6-month return | -8.2% | -4.4% | 10th lowest of 21 |
| Distance from 52-week high | -29.4% | -21.8% | 5th lowest of 21 |
| Revenue growth (TTM) | +5.4% | +19.3% | 7th lowest of 20 |
| Operating margin | 25.7% | 33.4% | 6th lowest of 19 |
| Forward P/E | 9.9× | 15.4× | 3rd cheapest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Rathbones RAT.L | United Kingdom | $2.42B | -8% | +5% | 26% | 9.9× | n/a | n/a |
| ANIMA ANIM.MI | Italy | $2.42B | -5% | +1% | 28% | 7.6× | n/a | n/a |
| Pinnacle Investment Management PNI.AX | Australia | $2.54B | +2% | +22% | 10% | 19.2× | n/a | n/a |
| GCM Grosvenor GCMG | United States | $2.57B | +11% | +8% | 28% | 12.6× | n/a | n/a |
| Zhejiang Orient 600120.SS | China | $2.22B | -22% | -87% | n/a | 15.5× | n/a | n/a |
| Shaanxi International Trust 000563.SZ | China | $2.19B | -12% | -15% | 60% | n/a | n/a | n/a |
| L1 Group Limited L1G.AX | Australia | $2.19B | +5% | +586% | 82% | 22.1× | n/a | n/a |
| Caida Securities 600906.SS | China | $2.78B | -11% | +10% | 36% | 19.7× | n/a | n/a |
| WisdomTree WT | United States | $2.94B | +2% | +45% | 40% | 15.4× | n/a | n/a |
| Sprott SII.TO | Canada | $2.96B | -17% | +88% | 38% | 25.6× | n/a | n/a |
| AJ Bell AJB.L | United Kingdom | $3.04B | +13% | +19% | 42% | 19.2× | n/a | n/a |
| AllianceBernstein Holding L.P AB | United States | $3.14B | -13% | n/a | n/a | 9.6× | n/a | n/a |
| Artisan Partners Asset Management APAM | United States | $3.17B | +3% | +6% | 36% | 10.6× | n/a | n/a |
| Ashmore ASHM.L | United Kingdom | $1.83B | -4% | +2% | 62% | 28.6× | n/a | n/a |
| Acadian Asset Management AAMI | United States | $3.23B | +33% | +25% | 27% | 15.4× | n/a | n/a |
| Tikehau Capital SCA TKO.PA | France | $3.24B | -10% | +32% | 31% | 10.7× | n/a | n/a |
| Quilter QLT.L | United Kingdom | $3.30B | +5% | +191% | 3% | 15.0× | n/a | n/a |
| Sealand Securities 000750.SZ | China | $3.30B | -12% | +2% | 22% | n/a | n/a | n/a |
| Netwealth NWL.AX | Australia | $3.31B | -13% | +21% | 46% | 34.1× | n/a | n/a |
| Mandatum MANTA.HE | Finland | $3.33B | -10% | +60% | 8% | 23.7× | n/a | n/a |
| Barrenjoey BJY.AX | Australia | $1.74B | +1% | -17% | 25% | 15.4× | n/a | n/a |