The latest iteration of Rathbones’ growth strategy may have been long on verbiage and short on financial details. But it certainly upset the markets. For Rathbones’ share price fell by 8.82 percent yesterday (17 October) as the strategy was presented to investors.

At first sight this seems strange, not least because the statement that accompanied Rathbones’ interim results back in July contained the essence of the strategy.

Moreover, the statement was delivered against a backdrop of falling pre-tax profits as the costs associated with the firm’s purchase of Glasgow-based Speirs and Jeffrey took their toll.