While the brief update did not provide exact figures on flows or revenues, the asset manager confirmed that total assets under management had fallen from £435.7bn to £426.1bn in the first three months of the year.
Despite this, assets under administration (AUA) rose from £11.3bn to £12bn, bringing its total AUMA to £438.1bn compared with £447bn on 1 January 2018.
Apart from positive flows into its AUA, all other business units suffered redemptions. Its asset management business saw AUM slide from £389.8bn to £382.1bn, while assets under its wealth management business, Cazenove Capital, slipped 4% from £45.9bn to £44bn.
Schroders is the second major asset management house to suffer a hit to its total assets in the first quarter.
Last week, Jupiter reported that it had ended the period with net outflows of £1.3bn, driven by redemptions from its Dynamic Bond fund, run by Ariel Bezalel. It suffered a sharper fall in AUM in Q1 18, with assets dropping 6.6% from £50.2bn to £46.9bn.
Schroders’ shares were trading marginally higher on Thursday morning, up 0.25% at £32.53p per share at the time of writing.
