Schroders’ assets under management have received a £13bn quarterly boost from its joint ventures and associates division.
Across the group assets increased £16.5bn from £700.4bn to £715.9bn, over the third quarter ended 30 September 2021.
The JVs and associates division increased from £98bn to £111.4bn. The division does not include Schroders Personal Wealth, even though it was created from a joint venture with Lloyds.
Schroders would not provide further details about the JVs and associates that contributed to Q3 growth but its H1 results pointed to strong growth in its Chinese wealth management JV with Bank of Communications and another JV with Indian asset manager Axis Bank.
Schroders’ Q3 growth was muted elsewhere with the two biggest divisions seeing assets drop. The solutions business went from £193.6bn AUM to £193.3bn over the quarter while institutional money dropped from £169.5bn to £167.5bn.
Just last week, Quilter Investors booted Schroders from its sub-advised Japanese equity mandate and replaced the asset manager with M&G Investments.
Overall, the group’s asset management functions saw AUM increase slightly from £526.1bn to £527.2bn due to increases from private assets and alternatives and mutual funds.
Assets in the group’s wealth management division, which includes Cazenove and Schroders Personal Wealth, increased from £76.3bn to £78.3bn.
Schroders reported in July that its joint venture with Lloyds, Schroders Personal Wealth, had enjoyed a spike in referrals over H1 bringing in £100m in new money following redemptions during the peak of the pandemic in 2020. It has also opened a number of regional offices with a Leeds presence launched during the quarter while a Birmingham office is due to open this month.
