By Paul Chavasse, Head of Investment Management

As another year draws to a close, I would like to wish all of our clients an enjoyable Christmas, and a happy and healthy 2015. We greatly appreciate the relationship we have with you and will continue to work hard to justify the considerable trust you place in us.

Many of you have been clients for years, but others have become so only recently. This year, for example, we acquired Jupiter Asset Management's private client and charity investment management business, and part of the London private client wealth management business of Tilney Investment Management from Deutsche Bank. We are pleased to welcome the teams involved to Rathbones as well as their clients.

I am very grateful to Operations and other support departments for ensuring that these acquisitions went smoothly as well as for the hard work they put in every day to deliver a first-class administrative service to our clients. Our investment managers are immensely grateful for the good work done by so many at Rathbones to make sure that their clients' expectations are met.

This year has been more challenging for investors than 2013. A slowdown in Chinese growth and ongoing economic problems in the eurozone have been exacerbated by geopolitical tensions in Ukraine and the Middle East. Closer to home, the Scottish referendum was far  closer than most commentators initially expected and reminded investors in the UK that political stability cannot be taken for granted. We anticipate the general election next May with considerable interest and no little concern.

Oil has been the investment wild card this year and this looks set to continue in 2015. Having traded between $100 and $115 a barrel for over three years, Brent crude has fallen precipitously to around $60 at the time of writing. Lower oil prices are surely good news? Not necessarily. The 10% plus fall in pump prices is clearly good for consumers, but such a sharp downward move has negative implications for the oil companies; oil-exporting economies, such as Russia; and for the nascent shale oil and gas sector in the US.

These issues and others will no doubt challenge us in 2015, but until then may I wish you and your families the very best for the festive season. Whether you are relaxing at home with family and friends or taking a winter break to the slopes or warmer climes, I hope you all have a wonderful Christmas.

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