Schroders reports record AuM in first quarter

1st May 2014 07:02

- AuM up two per cent in Q1 to record high- Profits up 14 per centFund manager Schroders reported record assets under management (AuM) in the first quarter, helped by nearly four billion pounds of net new business wins during the period.Chief Executive Michael Dobson said that "2014 has started well for Schroders" with £3.8bn of net inflows across multi-asset, equities and fixed income, taking AuM to an all-time high of £268bn as of March 31st.This was 2% higher than £262.9bn of AuM reported at the end of 2013.It helped profit before tax and exceptional items rise to £130.7m, up 14% from £115m in the same period the year before.Asset Management profits were up 11% at £117m in the first quarter, while Wealth Management profits surged 171% to £13.3m, reflecting the impact of the acquisition of Cazenove Capital in July last year."We had a strong quarter in Intermediary with high levels of net inflows in Europe and the UK although, with markets facing a number of uncertainties, retail investor demand may reduce in the short term," Dobson said. "In Institutional, we see a wide range of opportunities with a good pipeline of business we have won but which has not yet been funded including £12.2bn from Friends Life, as announced in March."BC