InvestmentsApr 30 2015

Schroders profits climb 14% in first quarter

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Schroders has reported that pre-tax profits climbed 14 per cent to £149.6m in the first quarter of 2015, compared to the same period a year earlier, boosted by net inflows of £5.1bn.

Assets under management were up 7 per cent to £319.5bn since the start of the year, Schroders confirmed, with net inflows into its institutional, intermediary and wealth management divisions of £5.1bn.

In its asset management arm, net revenue in the three months to March 31 was £348.5m, up from £306.2m in the first quarter of 2014, including performance fees of £1.7m, down from the £6.3m in performance fees reported a year ago.

Profit before tax and exceptional items increased 14 per cent to £133.7m.

Since the start of the year, its asset management arm has seen net inflows of £4.9bn, comprising £2bn in institutional and £2.9bn in intermediary, while assets under management at the end of March were £286.9bn, from £268.9bn at the end of December 2014.

Chief executive Michael Dobson said the company’s “strong performance” in 2014 had continued in the first quarter of this year.