Tributes as Roy Morris retires from Rathbones

Jul 27 2007 by Tony McDonough, Liverpool Daily Post

PRIVATE wealth fund manager Rathbone Brothers yesterday reported pre-tax profits of £25.9m for the first half of 2007 – up from £22.3m last year.

The Liverpool-based firm said total funds under management increased by 9% over the half year to £13.3bn compared with an increase in the FTSE/APCIMS Balanced Index of 3% over the same period.

In his report, chairman Mark Powell also paid tribute to Rathbone non-executive director Roy Morris, who will step down from the board at the end of this year, ending a 50-year association with the firm.

Up until 2004, Mr Morris, who is also chairman of The Mersey Partnership, was chief executive of the company, which has a major base in Liverpool’s Port of Liverpool Building.

Mr Powell said: “At the end of this year, Roy Morris, who was chief executive until 2004 when he became a non-executive director, will retire from the board.

“By this time, he will have achieved a quite remarkable 50 years of continuous service to Rathbones, a contribution to the development of this company which is unlikely to be surpassed.”

Mr Powell said the company had benefited in the early part of the year from “considerable” corporate activity and rising global stock markets.

He added: “The period has, however, also been characterised by some volatility, especially at the end of February and into early March when weakness in Far East markets caused considerable nervousness.

“Volatility in world markets underlines the need for carefully- considered and soundly-based investment policies which reflect the individual circumstances and requirements of our clients and their appetite for risk.

“We have continued to develop our investment processes and in particular have added to our expertise in strategic asset allocation and the use of structured products, fund of hedge funds and private equity.”

Earlier this year, Rathbones struck a deal with Liverpool’s biggest commercial landlord, Downing, to keep its 240 staff in the Port of Liverpool Building.

As part of the deal, Rathbones will take an extra 10,000 sq ft of space and pay a rent of £13.50 sq ft. The deal follows months of fraught negotiations which saw the firm threaten to move to another location in the city.

tonymcdonough