Schroders says first quarter assets under management up 7%
Add BT as a preferred sourceDeeperDive is a beta AI feature. Refer to full articles for the facts.
[LONDON] British fund manager Schroders said assets under management rose 7 per cent in the three months to the end of March as it took in net new money from institutional and retail clients.
The positive first quarter for the country's biggest standalone asset manager by market capitalisation follows a forecast-beating 2014 and comes as investors pile into actively managed funds in the hope for market-beating returns.
Net inflows over the period were 5.1 billion pounds, it said in a statement on Thursday, with 2 billion pounds into funds it runs on behalf of large investors and 2.9 billion through its network of intermediaries.
Combined with a slight 200 million pound pick-up in assets at its wealth management unit, the inflows helped boost total assets to 319.5 billion pounds, up from 300 billion pounds at the end of December.
While net revenue in its asset management unit rose to 348.5 million pounds from 306.2 million in the year-earlier period, performance fees were just 1.7 million pounds compared with 6.3 million pounds in the year-earlier period.
Pretax profit before exceptional items over the period was 149.6 million pounds, the company said, up 14 per cent from the year-earlier period.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
REUTERS
Share with us your feedback on BT's products and services
