Rathbone Brothers is well known as one of the UK's leading providers of investment management services with £18bn f.u.m. and over 35,000 clients.
Results for 2012 were predictably satisfactory, coming 2% ahead of the consensus forecast despite last month's IMS having already alerted us to the impressive 13.4% rise in Assets under Management.
Prospects for the current year are generally encouraging for several reasons. They are continuing to grow, winning charity and private clients, opening two new branches in Newcastle and Lymington and expect to acquire more teams.
At the current price, Rathbones are on 2013 PER of 16.1x and a yield of 3.3% historic, 3.7% prospective. Still higher rated, because lower risk, than Brewin Dolphin or Charles Stanley but better value than the equity market and far better than gilt-edged.