The chief executive of Schroders said the “strong” quarterly results were down to a more diversified business and pointed to the upcoming acquisition of Cazenove Capital as a sign of expansion.
He said: “It has been a strong quarter and these results reflect the benefit of our diversified business. Competitive investment performance led to net inflows in institutional and intermediary and across all asset classes and regions.”
According to Schroders’ results, pre-tax profits in the first quarter of this year rose to £115m, up from £95.5m in the same period in 2012. Net inflows also increased year-on-year from £1.6bn to £5.6bn.
Net revenue in asset management for the quarter stood at £289.8m, compared to £250.8m in the first quarter of last year.
Adviser view
Tim Purdon, managing director of Kilmarnock-based Paladin Financial Services, said: “I’ve not viewed Schroders as a major player until now but, given my recent research into its funds, that could change.
“I’ve been monitoring the performance of two of Schroders’ funds and am considering putting these into more clients’ portfolios. But the company has to be careful that, in its desire to expand, it doesn’t overstretch itself.”
