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MONEY MANAGEMENT

Schroders reports nearly 25% gain in AUM over past year

Assets under management at Schroders grew 4.9% for the quarter and 24.7% for the year ended March 31 to £405.1 billion ($504.5 billion), said a financial update.

The firm's institutional assets under management grew 3.6% in the three months ended March 31 to £234.5 billion. For the year, institutional assets were up 23.5%.

Assets under management and administration grew 4.8% for the quarter to £416.3 billion. The firm acquired a 65% interest in technology-led adviser support business Benchmark Capital in December, adding £3.4 billion of assets under management and £11.1 billion of assets under administration to its wealth management unit.

The firm said in its full-year 2016 results it would no longer be publishing full financial results in the first and third quarters, but would report quarter-end assets under management and administration.

Chairman Michael Dobson said in a statement accompanying the full-year report: “As part of our focus on the long term, we have decided to cease issuing financial reports every quarter and we will now restrict information released at the end of the first and third quarters to movements in assets under management.”