Schroders has announced profits at its wealth management business rebounded sharply following the takeover of Cazenove in July, while asset management profits also jumped as the business moved on from the loss of star manager Richard Buxton.
Announcing its full year results for 2013, the asset management giant said profits at both its asset management and wealth management businesses had soared. Its wealth management arm, buoyed by last year's takeover of Cazenove Capital, saw profits triple from £11.8m to £34.3m. Asset management - supported by resurgent markets - also saw profits jump from £348.5m to £468.6m. In terms of flows, the asset management business attracted net inflows of £9.4bn, with market gains adding a further £13.7bn. Including acquisitions AUM rose from £195.7bn to £232.8bn. As a result of the loss...
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