About us
Rathbone Unit Trust Management (Rathbone Funds) is a leading UK fund manager. We are a management house, offering equity and bond unit trusts and a multi-asset portfolio (consisting of four sub-funds) to meet your capital growth and income requirements.
We are an active management house, specialising in investment management for the retail investor and segregated institutional accounts. All of our unit trusts qualify for inclusion in ISAs (Individual Savings Accounts) which can receive lump sums.
Rathbone Unit Trust Management Limited is a wholly-owned, London-based subsidiary of Rathbone Brothers plc. In 1995 and 1996 respectively, Rathbone Brothers acquired stockbrokers Laurence Keen and Neilson Cobbold, securing many private wealth managers, and their clients. The company also acquired unit trusts from Laurence Keen Unit Trust Management including the Rathbone Income Fund- the success of which led to a rebranding of the operation in 1999 to Rathbone Unit Trust Management Limited.
Through its subsidiaries, the parent company manages £50.4 billion of client funds, of which £7.4 billion is managed by Rathbone Unit Trust Management Limited *(as at 31 December 2019)
For more information about Rathbone Brothers Plc, our history, and how Rathbones can help you develop an investment portfolio that meets your requirements, please visit the Rathbones website.
Directors of Rathbone Unit Trust Management
Paul Stockton - Chairman
Mike Webb - Chief executive officer
Julian Chillingworth - Chief investment officer
James Ardouin - Finance director
Michael Warren - Non-executive director
Jacqueline Lowe - Non-executive director
About our Luxembourg Funds SICAV
The Rathbone Luxembourg Funds SICAV (Société d'Investisement à Capital Variable) Company is an open-ended investment fund with multiple compartments ("société d'investissement à capital variable" (SICAV) à compartiments multiples) governed by Luxembourg law, established in accordance with the provisions of Part I of the Law of 20 December 2002, relating to undertakings for collective investment replaced by the law of 17 December 2010.
The Management Company is FundRock Management Company S.A., authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. The Luxembourg fund is authorised by the CSSF. The SICAV launched in May 2016.
These funds provide international clients access to the Rathbones investment expertise at low minimum investment levels, and are available in GBP, EUR and USD (EUR and USD shareclasses are hedged).
When operating in the EEA, Rathbone Unit Trust Management works in partnership with a tied agent. In Europe we market our funds through Rathbone Funds Advisers, Unipessoal Lda. (“Rathbone Funds Advisers”) a company acting as a tied agent to Carne Global Financial Services (Europe), Unipessoal Lda. (“Carne Global”) which is an investment advisory firm authorised under MiFID II and supervised by the Portuguese Securities Market Commission - the CMVM (Comissão do Mercado de Valores Mobiliários). Rathbone Funds Advisers is registered in Portugal and has been appointed by Carne Global to provide investment advisory services on its behalf in relation to financial instruments, in particular units or shares in undertakings for collective investments.
Further information on the fund range and team members is available here
Paul Stockton
Paul became chairman of Rathbone Unit Trust Management in May 2019. Prior to this, he was group finance director from 2008 to 2018 and managing director of Rathbone Investment Management from May 2018. He qualified as a chartered accountant with PriceWaterhouse in 1992. In 1999 he joined Old Mutual Plc as group financial controller, becoming director of finance in 2001 and finance director of Gerrard Limited eight months later. Two years after the sale of Gerrard in 2005 he left to work initially for Euroclear and, subsequently, as a divisional finance director of the Phoenix Group. He was formerly a non-executive director of the Financial Services Compensation Scheme.
Mike Webb
Mike Webb is chief executive officer of Rathbone Unit Trust Management, joining in February 2010. With over 25 years’ experience, Mike joined from Hermes Fund Managers where he was head of business development. Previous roles include chief executive officer of Invesco Perpetual, prior to which he was managing director of the retail division of GT Global Asset Management and sales & marketing director of Prolific Financial Management.
Julian is Rathbones’ Chief Investment Officer, and therefore plays a key role in the ongoing development of the organisation’s investment process. Prior to this, Julian was assigned Board Director of Rathbone Unit Trust Management in October 2001, and joined Rathbones in July 2001 as deputy Chief Investment Director.
Julian is also a member of Rathbones’ Investment Executive Committee. He has over 30 year’s investment experience, gained within organisations such as James Capel, Global Asset Management, Bankers Trust and Investec Asset Management
James Ardouin
In our view, our fund managers are some of the most talented and experienced in the industry. The unit trust investment team is lead by Chief Investment Officer Julian Chillingworth (with over 30 years experience); they share a total of over 60 years experience across major financial organisations. In total, Rathbone Unit Trust Management now employs 25 individuals across a range of functions.
The multi asset investments team is headed by fund manager David Coombs who brings 26 years of investment experience and is supported by a team of experienced analysts.
For more information on any of our fund managers and their analysts, click on the individual’s image to display details.
Julian is Rathbones’ Chief Investment Officer, and therefore plays a key role in the ongoing development of the organisation’s investment process. Prior to this, Julian was assigned Board Director of Rathbone Unit Trust Management in October 2001, and joined Rathbones in July 2001 as deputy Chief Investment Director.
Julian is also a member of Rathbones’ Investment Executive Committee. He has over 30 year’s investment experience, gained within organisations such as James Capel, Global Asset Management, Bankers Trust and Investec Asset Management
Bryn is the Head of Fixed Income for Rathbones, and is lead manager on the Rathbone Ethical Bond Fund, the Rathbone Strategic Bond Fund and manager of institutional mandates. He joined Rathbones in November 2004 from Merrill Lynch, where he managed $2 billion of fixed income assets.
Bryn is a member of the Rathbone Strategic Asset Allocation Committee, Non-Executive Chairman of Rathbones' Fixed Income Committee, and an adviser to the Rathbone Banking Committee. He is a WMA representative for the HMT DMO’s (Her Majesty’s Treasury - Debt Management Office) Gilt market consultation process. He has been a guest speaker at the Euromoney Bond Conference in London, and at the Euromoney Bank Capital Conference in Amsterdam. Bryn appears regularly on CNBC and Bloomberg TV. He also sits on the IA Fixed Income Committee.
Bryn graduated from Birmingham University with a Bachelor of Arts degree in Geography in 1995. Bryn’s Rathbone Ethical Bond Fund was awarded Best Sterling Corporate Bond Fund at the Morningstar UK Fund Awards 2014; Best SRI Bond Fund at the Money Observer 2015 Fund Awards; the Rathbone Ethical Bond Fund is also a top performer in the Bond Pound Sterling – Corporates sector over 3 and 5 years in the UK (Lipper Fund Award 2015) and was ‘Highly Commended’ at the 2015 Moneywise Awards. In 2018 the Ethical bond fund won the prestigious Judge’s Choice fixed Income fund award at the Investment Week awards. His Rathbone Strategic Bond fund was voted best Multi-Asset Fixed Income Strategy at the Investment Week Specialist Investment Awards 2015.
Carl is a Board Director of Rathbone Unit Trust Management (RUTM) and plays a key role in the development of Rathbones’ investment process and business strategy. He is also the manager of the Rathbone Income Fund, which he has been managing since January 2000.
After Rathbones acquired Neilson Cobbold in 1996, Carl transferred to London in August 1998, where he became an assistant fund manager for the unit trust business, working alongside Hugh Priestley. Carl graduated from the University of Southampton in 1991 with a BA Honours degree in English Literature. He is also I.I.M.R.-qualified and a Fellow of the Securities Institute.
James Thomson has been lead manager of the Rathbone Global Opportunities Fund for the past 16 years and it is one of the top performing funds in the IA Global sector.
James joined Rathbones in 2000, having grown up on the island of Bermuda and graduating from Cornell University in New York. He holds the Investment Management Certificate, is a Fellow of the Securities Institute and sits on the Executive Committee of Rathbones fund management business.
James has been involved with the management of the Rathbone Global Opportunities Fund since its inception in 2001 and was appointed co-manager in 2003 and sole manager in 2005. He is frequently quoted in the financial press and has won numerous fund management awards over his 19-year career.
David Coombs is head of multi-asset investments and joined Rathbones in 2007. He is a member of our Investment Executive Committee as well as the Strategic Asset Allocation Committee . David is responsible for developing our investment propositions for national financial advisory firms and networks. He is the lead manager for the Rathbones Multi-Asset Portfolio Funds and the offshore Luxembourg-based Sicavs.
David previously worked at Barings for almost 20 years where he managed institutional and private clients via pooled vehicles and segregated accounts. He joined Barings in 1988 from Hambros, where he managed multi-manager portfolios for private clients.
Elizabeth joined Rathbones in January 2005, after graduating from the University of Oxford (Lady Margaret Hall). She holds an MA in Mathematical Sciences. Liz is lead manager on the Rathbone Heritage Fund, and an integral member of our Rathbone Global Sustainability Fund team, with a key role in the development of the investment process.
She supports fund managers on the income mandates through quantitative stock screening and fundamental research on companies. She also profiles relative and absolute risk across the funds. Prior to joining Rathbone Unit Trust Management, Elizabeth worked on temporary assignments with Accord Holdings Ltd, a media advertising business. She holds the Investment Management Certificate and is a CFA (Chartered Financial Analyst) Charterholder
Alan Dobbie joined Rathbones in October 2005. He became co-manager of the Rathbone Income Fund in October 2018. Alan has previously managed and co-managed a number of UK, European and global equity funds for Rathbones. He graduated from the University of Strathclyde with an MSc Finance and also holds degrees in Accounting & Finance and Chemical Sciences from the Universities of Glasgow and Edinburgh, respectively. Alan holds the Investment Management Certificate (IMC) and is a Chartered Financial Analyst (CFA) charter-holder.
Sammy is lead manager of an institutional global equity fund managed by Rathbones since November 2018; he is also assistant fund manager on the Rathbone Global Opportunities Fund. He joined Rathbones in July 2014 from JP Morgan Cazenove, where he worked for 14 years in Pan-European Equity Sales providing both primary and secondary advice to Hedge Funds, Institutional and Private clients.
Sammy is a graduate of both Edinburgh and Cambridge University where he completed an MA in 2001.
Alexandra is the manager of the Rathbone UK Opportunities Fund. Previously she was co-manager of the Rathbone Recovery Fund, appointed in June 2014, and has spent over 10 years with Rathbones.
Alexandra joined Rathbone Unit Trust Management in 2007 as an equity analyst, and then became assistant fund manager on the Rathbone Global Opportunities Fund.
Alexandra is a CFA (Chartered Financial Analyst) charter-holder and holds the Investment Management Certificate. She has a BA (Hons) in Economics from the University of Durham. She is a member of the Rathbone Investment Management Stock Selection Committee and the Rathbones Engagement Network.
Noelle manages the High Quality Bond Fund. She works closely with Bryn Jones and also assists in the management of the Rathbone Ethical Bond Fund and the Rathbone Strategic Bond Fund. Noelle joined Rathbones in July 2011 and was made manager in October 2018. Before this, she spent some time as a financial analyst for the Bank of France in Paris and five months in Cambodia, where she undertook due diligence on the Cambodian banking sector for the French Embassy.
Noelle has achieved two master’s degrees with distinction in 2010, from the University of Montesquieu in Bordeaux - a Magistere of International Finance, and a Master’s in Banking, Finance and Financial Assets Trading. Noelle is a CFA (Chartered Financial Analyst) charter-holder. She was named in the 2016 Citywire Top 30 Under 30 investment management awards.
David joined Rathbones in June 2014 as a global equity analyst from private bank, Julius Baer. He is the lead fund manager and investment analyst of the Rathbone Global Sustainability Fund, supported by Liz Davis and Neil Smith.
David has a wealth of fund management experience, and is currently one of the managers of our Rathbone Heritage Fund and Rathbone Income Fund. he also supports David Coombs’ Rathbone Multi-Asset Portfolios (RMAPs), with direct equity selection. David has more than 14 years’ experience in equity analysis and fund management, including positions at Hermes and Goldman Sachs.
David holds the Investment Management Certificate and a BSc (Hons) in Economics and Politics from the University of Southampton. He is a CFA charter-holder.
Kate works within the team as an investment analyst. She joined Rathbones in September 2012, having worked as a senior analyst at UBS. Originally from Canada, Kate has over thirty years of investment experience, both as a fund manager and an analyst, focussing for much of that time on North American equities. A graduate of the University of Toronto, Kate holds the Securities and Investment Institute, Certificate of Securities and is a CFA (Chartered Financial Analyst) charter-holder.
Siyuan works within the investment team as a global equity analyst with specific reference to Asian markets. She joined Rathbones in April 2013, having worked as a Research Analyst for three years in Martin Currie's emerging market team. She holds the Investment Management Certificate and is a CFA (Chartered Financial Analyst) charter-holder.
Craig Brown is the Investment Specialist for the Rathbone Multi-Asset Portfolios and Managed Portfolio Service (MPS). Craig joined Rathbones in November 2018 and brings with him 15 years of Financial Services experience, including time with Barclays Wealth & Investment Management, and Citibank. Directly prior to joining Rathbones, Craig was a multi-asset portfolio manager at Beckett Asset Management, constructing a range of portfolios for discretionary clients. He is a Chartered Member of the Chartered Institute for Securities and Investment.
Neil works within the team as a Research Assistant with a focus on sustainable investment. He graduated from Plymouth University with a Bachelor of Science degree in law and politics. Neil has over 8 years' experience working for Rathbone Unit Trust Management. He holds the Investment Management Certificate and is a level 2 candidate in the Chartered Financial Analyst programme.
Stuart works with Bryn Jones and Noelle Cazalis, assisting in the management of the Rathbone Ethical Bond Fund, the Rathbone Strategic Bond Fund and the Rathbone High Quality Bond Fund.
Stuart joined Rathbones in September 2017 as a Fixed Income Research Analyst and was made an Assistant Fund Manager in January 2020, having previously gained three years industry experience at Brown Shipley. He provides in-depth coverage on sovereign bonds and runs a proprietary credit valuation model to help identify investment opportunities.
He graduated from Bath University with a first-class Bachelor’s degree in Mathematics. He is a CFA charterholder and also holds the CISI Chartered Wealth Manager qualification, having won the CISI Financial Markets & CISI Chartered Wealth Manager Qualification awards at the annual CISI awards in 2016 & 2017 respectively. He was named in the 2018 Citywire Top 30 under 30 investment management awards.
Sarra is a credit Analyst who joined Rathbones in July 2015. She is responsible for providing in-depth credit analysis for the Fixed Income Committee and to investment managers at Rathbones. Sarra covers names from different sectors including financials and corporates but predominantly US banks and European corporates. Prior to joining Rathbones, Sarra completed a summer internship with Goldman Sachs in the Syndicated bank loan division within the operations department.
Sarra graduated from Birmingham University with a Bachelor of Business Management in 2015. She has also achieved a master’s degree in Banking and International Finance with Merit in 2016 from Cass Business School. Sarra holds the Investment Management Certificate and is currently a CFA level 1 candidate (Chartered Financial Analyst).
Elisa Bellantonio is a credit analyst and joined Rathbones in June 2018. Elisa is responsible for providing in depth credit analysis for the Rathbone Strategic Bond Fund, the Rathbone Ethical Bond Fund, the Fixed Income Committee and the investment managers in Rathbones.
Elisa has achieved a 2.1 master’s degree in Economics in 2012 from the Universita Degli Studi di Pavia and a postgraduate certificate in Financial Investments in 2014 from London School of Business and Finance.
Prior to join Rathbones Elisa gained a broad range of experiences working as Corporate Actions Analyst, Financial Analyst and OTC Data Analyst in international companies such as Fidelity Investments, FCA Bank and Bloomberg L.P.
James works within the investment team as an Equity Analyst. James joined Rathbones in June 2015, previously focusing on the management of private client portfolios and charitable trusts. He then joined Fund Manager Alexandra Jackson on the UK Opportunities Fund.
James graduated from the University of Aberdeen with a BSc Hons in Biology, he holds the CFA level one and two and is a candidate for level three.
We believe it is in the best interests of our clients for the companies in which we invest to adopt best practice in corporate governance. This provides a framework in which each company can be managed for the long-term interests of its shareholders.
Mindful of our responsibilities to our clients, we seek to be good, long-term stewards of the investments which we manage on their behalf. Our major responsibility in this regard is to ensure that company boards are functioning well in their role as independent scrutinisers of management. We have developed a robust approach to proxy voting as a fundamental expression of our stewardship responsibilities.
However, stewardship is not limited to this activity. Engagement with companies on governance issues is an important adjunct to voting activities.
Our core stewardship principles
We have developed a core set of guiding principles which apply to our stewardship and governance-related activities:
Materiality
Principle: We recognise that governance and stewardship risks can be material to the performance and valuation of companies.
Active voting
Principle: We actively consider proxy votes for client holdings.
Engagement
Principle: Active engagement with companies on governance issues is an important adjunct to voting activities
Transparency
Principle: We report annually on our stewardship activities.
Our full stewardship report for 2019 can be viewed here.
Our full stewardship report for 2018 can be viewed here.
Our stewardship report for 2017 can be viewed here
Our stewardship policy statement for Rathbone Unit Trust Management can be viewed here
Modern Slavery Statement
As part of the Rathbone Group, Rathbone Unit Trust Management adheres to the statement on Modern Slavery produced by the group. This is provided here.
The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance should not be seen as an indication of future performance.
Our awards date back to 2002 across a range of funds. We are delighted to receive such acknowledgement from rating agencies and trade publications, as we continue to target consistently higher investment returns for our investors.
Rathbone Strategic Growth Portfolio wins at the City of London Wealth Management Awards (COLWMA) 2020.Winners of a COLWMA accolade are decided by an online public vote, where the investing public is invited to share their thoughts and testimonies regarding the quality of service and product in the UK’s investment sector. Due to the Rathbone Strategic Growth Portfolio’s strong five-year performance, as well as the public support it received, it was shortlisted amongst funds such as the Brooks Macdonald Defensive Capital Fund and the Charles Stanley Monthly High Income Fund. The winning trophy was presented to us during a ceremony at London’s Guildhall on 4 March 2020. |
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Money Observer - Best SRI Fund 2019The Rathbone Ethical Bond Fund has been awarded the ‘Best Ethical SRI - Bond’ at the Money Observer Fund Awards 2019 in June 2019. Head of fixed income and fund manager Bryn Jones has previously won this award in 2017, 2016 and 2015. |
Citywire Best UK Fund Group 2019Rathbone Unit Trust Management are delighted to be awarded ‘Best Group’ in the category for ‘Sterling Corporate Bond’ at the ‘Citywire Best UK Fund Group Awards 2019’. Other nominees shortlisted included BlackRock, BMO Global Asset Management, Columbia Threadneedle Investments and Schroders. These awards are based on funds are available for sale in the UK that have produced stellar outperformance in recent years. They cover 13 investment sectors across bonds and equities. |
Citywire UK Wealth Service Awards 2019Rathbone Unit Trust Management are delighted to be awarded ‘Most Accessible Fund Managers’ category for the second consecutive year. We were also shortlisted as finalists in the categories for the ‘Best Reporting and Manager Comment’ and ‘Speed of Information Delivery’. The awards are voted for by wealth managers and advisers from across the UK. |
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Investment Week Fund Manager of the Year 2019Bryn Jones, Rathbones fixed income director and his fixed income team who have been shortlisted as finalists in the Investment Week Fund Manager of the Year awards for 2019. The two categories are ‘Judges Choice for Fixed Income’ (Rathbone Ethical Bond) and the ‘Sterling Strategic Bond’ (Rathbone Strategic Bond). In 2018 Bryn was awarded the Judges’ Choice for Fixed Income for their work on the Rathbone Ethical Bond Fund. The awards will celebrate the outstanding achievements of fund managers who are shaping the future of the investment industry. |
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City of London Wealth Management Award: Best Fund 2019The 2019 City of London Wealth Management Awards were held at the Guildhall on 14 March. The Rathbone Global Opportunities Fund was the winner in the category for ‘Best Fund’ The City of London Wealth Management Awards, (COLWMA), are hosted by Goodacre UK, a leading specialist business and technology consultancy. The awards recognise and promote quality of service from Wealth Management companies and individuals. |
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Money Observer Rated Funds 2019The Rathbone Ethical Bond; Rathbone Income Fund and Rathbone Global Opportunities Fund receive a 2019 ‘Rated Funds’ accolade from ‘Money Observer rated Funds’. This is based on consistently delivering superior returns against their peer group over at least three years. Other factors taken into consideration included manager track record and income yields (where relevant) |
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Investment Life and Pensions Moneyfacts Award 2018Rathbone Unit Trust Management were nominated in two categories: 'Best Ethical Investment Provider' and 'Best Investment Service' This award is based on nominations from the adviser community, based on their their top three providers across the full range of protection, retirement and investment products. Each provider's product pricing and features were examined during the preceding 12-month period. |
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FT Adviser Investment 100 Club Awards 2018We are proud to announce Bryn Jones, was awarded 'Sterling Corporate Bond Fund of the Year' for the Rathbone Ethical Bond Fund, on 11 October 2018, at FTAdviser's Investment 100 Club Awards 2018. The Rathbone Ethical Bond Fund is one of 20 elite funds recognised for delivering strong five-year returns. |
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Citywire's UK Fund Manager Awards 2018Citywire UK fund manager awards recognises those individuals with the highest risk-adjusted returns over three years to 31 May It also rewards the depth of talent that sits at the core of the best asset management houses. The groups that qualified go through the Citywire Group Ratings methodology, covering a seven year period.
Rathbones, David Coombs, AA Citywire rated has won the 'Mixed Asset - Absolute return' category, for the Rathbone Multi-Asset Strategic Growth Portfolio, for the second consecutive year.
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Winner of the Fund Manager of the Year awards 2018
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Women in Finance Awards 2018We are please to announce Rathbones, Fund manager Alexandra Jackson was shortlisted as a 2018 finalist. The Women in Finance Awards is Europe’s largest diversity initiative, recognising the high-achievers, advocates, and role models for women in the sector. |
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Rathbones awarded best Ethical SRI - BondThe Rathbone Ethical Bond Fund has been awarded the ‘Best Ethical SRI - Bond’ at the Money Observer Fund Awards 2018 on 28 June 2018. Head of fixed income and fund manager Bryn Jones has previously won this award in 2017, 2016 and 2015. |
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Asset TV audience choice awards 2017We are proud to announce that our Masterclass on 'Brexit: the Investment Implications' with Rathbones, David Coombs - Head of Multi-Asset Investments, was awarded the Asset TV audience choice awards on 22 August 2017. |
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Fund manager of the year 2017 - finalists revealedThe Rathbone Ethical Bond Fund (in the IA Sterling Corporate Bond sector) and Rathbone Income Fund (in the IA UK Equity Income sector) have been shortlisted at the forthcoming Investment Week Fund Manager of The Year Awards 2017. The awards will be held on Thursday 6th July 2017 at the Royal Albert Hall. The awards recognise the outstanding achievements of fund managers who are shaping the future of the investment industry. |
Citywire UK awards 2017Fund Manager, David Coombs has been awarded the ‘Best Manager’ in the Mixed Assets - Absolute Return GBP sector at the Citywire UK Awards 2017. The Citywire UK Awards recognise the top managers, generating the highest risk-adjusted returns, in 15 key sectors over the past three years to 31 December 2016. |