The first six months of the year has been a mixed story for fund managers.
Schroders led the way with its asset management arm seeing an increase in profit for the first six months of 2013. The group saw a profit of £212m – 2012’s profit was £175m for the same time frame.
The results came in spite of outflows of £1.1bn in the second quarter, equal to total outflows in June, in the immediate aftermath of Richard Buxton’s departure to join Old Mutual Global Investors.
Schroders has also increased its dividend by 23 per cent to 16p a share.
Henderson saw a record profit of £101.1m in the six months to 30 June 2013 – the same period last year saw a profit of £82.8m.
The profit was despite £2bn in institutional redemptions and net outflows in the business of £1.5bn over the six months. There were positive retail net flows of £587m and UK retail net flows were £154m in the second quarter of 2013.
M&G, however, saw a slightly different story. Sales in the UK dropped during the second quarter with overall net outflows of £1.2bn in the first six months – in the same period in 2012, the group saw inflows of £2.8bn.
The outflows come a year after it decided to slow contributions to the fund in the £15bn Optimal Income and £7bn Global Dividend funds.
The group states the implementation of the RDR has also been a contributor to “dampening activity” across the industry.
Overall, net retail fund flows for the group for the first half of 2013 were £4.8bn after seeing increased sales in continental Europe.