Rensburg's funds grow as markets rise

The Leeds company said by the end of December funds under management had risen 1.5 per cent to 12.31bn.

Despite a 71.8 per cent drop in interest generated from these funds, Rensburg said investment management net revenue was up 3.4 per cent, with total net revenue up 3.5 per cent.

"Rensburg Sheppards continues to be soundly financed and cash generative. Whilst markets in the first few weeks of 2010 have remained uncertain, we believe that the strong base from which Rensburg Sheppards operates leaves the group well placed for the future," said chief executive Steve Elliott.

The group said during the third quarter of its financial year, from September to December, there was further improvement in its operating environment, with equity markets rising.

"This improvement in the operating environment has been reflected in the revenue figures... which show encouraging increases in the key revenue streams of fees and commissions over the last quarter and, for the investment management segment, for the financial year to date," said the group.

It added after debt it has 44m in cash, leaving the group "well placed for the future".