Schroders sees increased profit and assets

arrow graph upSchroders is one of the latest fund managers to report strong results for recent months of business, revealing increased profit before tax and healthy inflows of assets under management (AuM). Releasing its quarterly figures today Schroders, which also owns a private bank, posts a profit before tax for its asset management business of £105 million (€124 million), up from £88.6 million in the same quarter last year. Net inflows of AuM to the business, which were £1.7 billion in the first quarter last year, were £5.8 billion this year. Legal & General Investment Management, which is owned by insurer Legal & General, also reports higher AuM today (£441 billion), including a 21% jump in its international assets. Earlier this week, Aberdeen Asset Management, which is also listed in London and has AuM of £212.3 billion, reported a 25% increase in its revenue for the six months to the end of March. Michael Dobson, chief executive of Schroders, says: “It has been a strong quarter and these results reflect the benefit of our diversified business.” The net revenue of Schroders asset management business was £289.8 million compared to £250.8 million in the first quarter 2012, and AuM was £219.2 billion at the end of March, up from £195.7 billion at the end of December 2012. Schroders group profit before tax was £115 million compared to £95.5 million in the same quarter last year. Performance fees were down to £2.8 million compared to £6 million.   Schroders recently announced its intention to buy Cazenove Capital, which has assets under management of £19.1 billion, and the completion of US manager, STW Fixed Income. ©2103 funds europe

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