DIRECTORS of wealth management business Rathbone Brothers praised the efforts of its Liverpool staff in handling £500m of new funds for the group.

The firm, founded by Liverpool’s Rathbone family, has seen 2,500 former Lloyds Banking Group clients switch their funds to Rathbone after its 2009 acquisition of several Lloyds interests.

Rathbone chief operating officer Paul Chavasse said: “Liverpool has done a fabulous job in terms of setting up these clients on our systems and delivering an excellent quality of service through the transition period.”

He said the new clients has resulted in expansion in Liverpool, including the relocation of some new dealing roles.

The group, which operates 12 UK offices, yesterday announced a 12% increase in total funds under management to £13bn – back to 2007 levels – in its annual results to December 31.

Mr Chavasse said: “We were very pleased with that, given the financial environment. It was at the top end of our predictions.

“We had concerns that we could continue the growth rate we had seen in 2008.”

Director Andrew Morris added: “We have also seen very good growth in our charity area with £1.4bn of charitable funds now, in keeping with the ethos of the Rathbone family charitable roots.”

Profit before tax from continuing operations fell 30.3% to £29.5m and operating income fell from £131.16m to £116.75m reflecting the challenging environment, but chairman Mark Powell said: “We are excellently placed for the future.”