Schroders hits record £867.8bn AUM despite £8.3bn net outflows

Although gross inflows increased to £69.3bn, the asset manager was hit by £8.3bn in net outflows, excluding JV and associates. According to the results, these included a £6.6bn "low-margin" institutional redemption, while net outflows including JV and associated totalled £4.2bn for the period. The AUM rise drove a 17% increase in net operating income to £1.4bn. Adjusted operating profits were up 46% year on year to £459.8m, which Schroders attributed to "improving operating leverage". At the same time, profit before tax skyrocketed 102% over the period to £369.8m, partly driven ...