Schroders has announced assets under management increased to a record level of £324.9bn at the end of the first quarter, despite net inflows almost halving compared to last year, in Peter Harrison's first trading update since becoming group chief executive.
The interim management statement for the three months to 31 March 2016 said assets under management had increased to the record level of £324.9bn from £313.5bn at the end of 2015, driven by strong institutional flows and investment returns. Institutional net flows were £4.5bn, however, the group noted that volatile markets had impacted retail client demand leading to intermediary net outflows of £1.8bn. These combined generated net new business of £2.7bn, down from £5.1bn in Q1 last year. Investment returns added £8.7bn to the record AUM figure, but this also compares with the £14bn a...
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