Schroders' assets under management rose by £17.2bn in the first three months of 2019, with the institutional business being behind most of the increase.
In a statement released to the stock exchange this morning (2 May) the company said its assets under management at the end of March were £424.4bn, compared with £407.2bn at the end of December 2018.
The institutional business grew assets by £10bn, while the intermediary business, which includes assets placed with Schroders by advisers, wealth managers, and via direct to consumer platforms, were £125.6bn, an increase of £4.4bn.
The wealth management business owned by Schroders, Cazenove, had assets under management at the end of March of £46.5bn, an increase on the previous quarter of £2.8bn.
The figures were revealed as Schroders prepares to launch Schroders Personal Wealth, an advice joint venture with Lloyds Banking Group, in which Schroders will have a 49.9 per cent stake.
Clients of Lloyds Banking Group will be able to access the new product from June, with a roll out to the wider public in the final three months of 2019.
Schroders Personal Wealth aims to reach assets under management (Aum) of £25bn, with the target client having a portfolio of £100,000.
david.thorpe@ft.com
