First half results round up

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.

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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.