New CEO Jonathan Sorrell has set out an ambition to make Rathbones "the best wealth manager in the UK, by far". The strategic plan centres on winning new clients more aggressively, improving retention, deepening financial planning and advice services, and simplifying an operating model. Synergy delivery from the Investec Wealth & Investment combination exceeded targets with annualised run-rate synergies of £76 million at the end of 2025, well above the £60 million initially targeted.
Cyborg Score Rationale
Statutory profit before tax surged 53.5% to £152.9 million in 2025 with underlying profit before tax rising 4.6% to £238.1 million. Funds under management and administration reached £115.6 billion, up from £109.2 billion. However, analysts had previously noted the firm's chronic underperformance on organic growth, though new leadership is addressing this.
Top Insights
Upgraded to 'buy' with price target raised to 2600p by Panmure Liberum, citing a strategic overhaul the market has yet to credit
Rathbones remains confident of achieving a 30% underlying operating margin target by Q4 2026, assuming 3% funds under management growth
Integration with Investec and Saunderson House aims to boost synergies, reduce outflows, and enhance revenue through increased funds under management
Board proposed a final dividend of 68p per share, taking total dividend for the year to 99p, up 6.5% on 2024
Named Competitors
Discretionary Wealth Management — Integrated wealth management competitor now part of Rathbones ecosystem
UK Wealth Management — Competing wealth and asset managers serving private clients and institutional investors
Recent Developments
(February 2026) CEO Jonathan Sorrell unveiled transformational strategy to become UK's best wealth manager with aggressive growth targets
(February 2026) Full-year 2025 results showed 53.5% statutory profit surge to £152.9m and synergies exceeded targets
(February 2026) Upgraded to 'buy' by Panmure Liberum with price target of 2600p based on new strategic direction
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