Schroders assets dip but profits hold firm despite ‘ongoing industry headwinds’

‘Strategic rebalancing’ towards higher growth and increased longevity areas

Schroders CEO Peter Harrison
Peter Harrison


Schroders has reported its assets under management fell to £726bn as of 30 June from £736bn at the end of 2022.

Profits held up better, with net operating income of £1.21bn versus £1.24bn in the previous six months, and operating profit rising to £341m from £316m.

Profit before tax was £276m, which was close to flat on the £274m booked six months earlier.

Shares in FTSE 100 listed Schroders rose slightly on the news, climbing by 0.48% to 462p. 

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The firm said a ‘strategic rebalancing’ towards higher growth and increased longevity areas helped it deliver overall net new business of £5.7bn, excluding joint ventures and associates. 

Schroders’ ‘three strategic growth areas’ of wealth management, private assets and solutions generated combined net new business of £11.8bn.

The firm’s asset management net operating income ended the period at £996m, down slightly from £1.04bn at the same point in 2022. Operating profit was £265.5m versus £329m.

The wealth management business delivered annualised advised net new business growth of 8%, the firm reported, down slightly to £3.7bn from £3.8bn.

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Assets in the Schroders Personal Wealth joint venture edged up to £13.7bn from £13.3bn.

Group chief executive Peter Harrison commented: Our business strategy has enabled us to deliver resilient results in the face of ongoing industry headwinds. Clients continue to value our differentiated investment capabilities and entrust us to manage their assets for the long term. 

We are pleased with the positive progress in wealth management and solutions, which performed well during the turbulent period in the UK government bond market,” he continued. “Even with the uncertain market conditions, we experienced positive net new business in European and US mutual funds.

“Our resilient strategy, diversified capabilities and global footprint give us continued confidence in the long-term outlook for the business.”

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