Rathbone Brothers logged a £20.6 million (about $34 million) profit for the six months ended 30 June, a 30 per cent increase from 2010, in its half-yearly financial report.

The UK-listed wealth management and investment firm also recorded £16.36 billion of funds under management, up 4.7 per cent from £15.63 billion at the end of last year.

Total net organic and acquired growth in the funds managed by Rathbone Investment Management was £616 million, which represents a yearly growth rate of 8.4 per cent, lower than 9.9 per cent in 2010. Net organic growth of £504 million for the first half represents an underlying annualised rate of net organic growth of 6.9 per cent, higher than 4 per cent in 2010.

Funds under management in Rathbone Unit Trust Management were £1,088 million, £45 million more than on 31 December 2010.

“Uncertainties surrounding financial markets are continuing, in particular the increased potential for future adverse events impacting the European banking sector. Notwithstanding this uncertainty, we look to the future with confidence as Rathbones remains well positioned to take advantage of growth opportunities,” said Andy Pomfret, chief executive of Rathbones.

Rathbones described the first six months of 2011 as busy because of changing regulation. For example, the UK Financial Services Authority has imposed a remuneration code designed to encourage banks and other financial institutions to defer all or part of managers’ bonuses. The measures, which apply to four different categories of firm ranging from big banks to boutique wealth managers, began to take effect from the start of this year and had to be fully implemented by July. Rathbones said that it plans to publish the required information in the third quarter. Rathbone Investment Management will be treated as a Tier 3 entity and Rathbone Unit Trust Management as Tier 4.