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Schroders Q1 pre-tax profit up 14 per cent year-on-year

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Schroders has reported a strong start to 2015, with profit before tax and exceptional items rising to GBP149.6 million, a 14 per cent increase on the same period in 2014 (GBP130.7 million).

Michael Dobson, Chief Executive, says: “Schroders’ strong performance in 2014 continued in the first quarter of this year, with profit before tax up 14 per cent. to GBP149.6 million and assets under management up 7 per cent. to GBP319.5 billion since the start of the year. We generated net new business of GBP5.1 billion with net inflows in Institutional, Intermediary and Wealth Management.”

Asset Management net revenue was GBP348.5 million (Q1 2014: GBP306.2 million), including performance fees of GBP1.7 million (Q1 2014: GBP6.3 million). Profit before tax and exceptional items was up 14 per cent. to GBP133.7 million (Q1 2014: GBP117.0 million). Net inflows of GBP4.9 billion comprised GBP2.0 billion in Institutional and GBP2.9 billion in Intermediary, and assets under management at the end of March were GBP286.9 billion (31 December 2014: GBP268.9 billion).

Wealth Management net revenue was GBP52.2 million (Q1 2014: GBP50.3 million). Profit before tax and exceptional items was up 12 per cent. to GBP14.9 million (Q1 2014: GBP13.3 million). Net inflows were GBP0.2 billion and assets under management at the end of March were GBP32.6 billion (31 December 2014: GBP31.1 billion).

fore tax and exceptional items in the Group segment was GBP1.0 million (Q1 2014: GBP0.4 million). Shareholders’ equity at 31 March 2015 was GBP2.7 billion (31 December 2014: GBP2.5 billion).

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