Schroders Doubles H1 Pre-Tax Profit to £396.8 Million as AuM Climbs 12%

1 articles · Updated · Wealth Briefing · Jul 30

£396.8 million in H1 pre-tax statutory profit marked a jump from £196.9 million a year earlier, while statutory operating income rose 20% to £1.455 billion.
£867.8 billion in assets under management drove the improvement, lifted by market gains, investment performance and favorable foreign exchange, despite disposals and net outflows.
£8.3 billion of net new business outflows excluding joint ventures and associates reversed a £4.5 billion inflow a year earlier, largely due to a £6.6 billion low-margin institutional mandate loss.
Cazenove Capital added £1.9 billion of net new business in the second quarter, helping lift Schroders' annualised H1 net new business rate to 5%.
£13 million of in-year savings left Schroders more than 98% of the way to its £150 million three-year target as the UK group moves toward Nuveen's agreed acquisition.