Schroders posts £5.6bn Q1 net inflows

Schroders posted £115m profit before tax in the first three months of 2013, with net inflows at £5.6bn and total assets under management at £236.5bn, up from £212bn at the end of December.

Asset Management net revenue for the quarter was £289.8m, including performance fees of £2.8m.

In March, the firm announced an offer to acquire Cazenove Capital Holdings with £19.1bn under management.

“Subject to Cazenove Capital shareholder and regulatory approvals the transaction is expected to complete in July 2013,” the firm said.
Moreover, on April 2, Schroderscompleted the acquisition of STW Fixed Income, a US investment-grade fixed income manager with assets under management of £7.3bn.

Chief executive Michael Dobson said: “It has been a strong quarter and these results reflect the benefit of our diversified business. Competitive investment performance led to net inflows in Institutional and Intermediary and across all asset classes and regions. We continue to broaden and develop the business both in the UK and internationally, including the proposed acquisition of Cazenove Capital to strengthen our Private Banking business and add complementary strategies and skills in Asset Management. We are confident that the business is well positioned for further growth over the long term.”

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