Schoders reported a pre-tax profit of 17% year-on-year in the first quarter, rising from £95.5m to £115m, after inflows into its fund range more than trebled over the period.
The firm's AUM rose to £236.5bn from £212bn at the end of 2012, supported by inflows jumping from £1.6bn to £5.6bn year-on-year. Asset Management net revenue for the quarter was £289.8m, up from £250.8m, while performance fees also dropped, from £6m to £2.8m. Schroders said "buoyant equity markets" had played a part in strong retail investor demand during the quarter. The group also unveiled more details of its acquisition of Cazenove Capital, setting a July date for the transaction to be completed. Michael Dobson, chief executive at Schroders, said the deal will strengthen the ...
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