Rathbone Brothers, the private client wealth manager, saw pre-tax profits fall nearly 15 per cent in 2008 as sinking equity markets cut into funds under management. But the company remained upbeat as it beat expectations and unexpectedly boosted the dividend.

Andy Pomfret, chief executive, said the company believed it could remain profitable even if the FTSE 100 index fell an additional 1,000 points to 2,500 and that it hoped to continue growing. “We’re always out shopping for individuals and small teams,” he said.