Schroders lifts Q1 assets under management

28th Apr 2016 07:30

(ShareCast News) - Wealth manager Schroders said total quarter on quarter assets under management rose to £324.9bn from £313.5bn, but first quarter pre-tax profits fell to £137.9m from £141.7m.Net inflows fell to £2.7bn from £5.1bn against a backdrop of volatile markets. Asset management net operating revenue was down slightly to £335.8m from £339.3m, including performance fees of £0.5m against £1.7m.Asset management pre-tax profits fell to £124.4m from £130.7m."We generated net new business of £2.7bn, with strong net inflows in institutional of £4.5bn partially offset by intermediary net outflows of £1.8bn as volatile markets impacted retail client demand. Assets under management at the end of March were £292bn against £281.9bn at the end of 2015," the company said in a trading statement.Revenues in wealth management was almost flat at £51.9m with pre-tax profits of £13.7m, slightly up from last year. Net flows were flat in the first quarter and assets under management at the end of March were £32.9bn against £31.6bn at 1 December 2015.