LONDON Schroders had £2.5 billion ($4.99 billion) in net institutional outflows in the first quarter, according to a financial update. Withdrawals were concentrated in the U.K. and included the termination of a £1.4 billion active multiasset portfolio by the £8.9 billion Strathclyde Pension Fund, Glasgow.
The institutional asset management losses were offset by net retail inflows of £1.5 billion in the same quarter. The firms overall assets under management totaled £132.3 billion as of March 31, up 3% from Dec. 31. About £1.3 billion of the new assets were from the firms acquisition of Aareal Asset Management, a property specialist manager based in Germany.
Pre-tax asset management revenue grew 16% to £177.3 million for the year ended March 31.
Other managers also issued reports on assets under management for the first quarter:
• Legg Mason reported $968.5 billion in assets under management, according to a filing. The firms assets under management rose 2.5% for the quarter and jumped 11.6% for the year, increases attributed to market appreciation and $13.6 billion in net client cash flows for the quarter. Institutional assets totaled $496 billion as of March 31, up 1% for the quarter and roughly 12% higher for the year.
Overall, Legg Mason reported net income of $172.4 billion for the quarter, a 1% decrease from the previous quarter and a 15% increase from the year-earlier quarter.
• Prudential Financial Inc., Newark, N.J., had $630 billion in assets under management, according to a company filing. Assets were up by 2.7% for the quarter and 15.2% for the year. The increases were driven by market appreciation and positive net flows, said Gabrielle Shanin, spokeswoman.
Overall, Prudential reported $1.025 billion in net income for the quarter, up about 52% increase from a year ago.
• MFS Investment Management, Boston, reported $192 billion in assets under management, according to a filing from parent company Sun Life Financial Inc. Assets increased by 2.7% for the quarter and 13% for the year, driven by market appreciation and net flows into international and value equity strategies, said spokesman John Reilly. Overall, MFS had earnings of $61 million for the quarter, a 1.6% decrease from the previous quarter and a 35.5% increase from one year ago.
• Lazard Ltd., New York, had $124.8 billion in assets under management, according to a regulatory filing. AUM increased 13% for the quarter and 31% for the year. The increase was largely driven by equity assets, which totaled $105.5 billion as of March 30, up 14% for the quarter and up 35% for the year. The company also reported $11.6 billion in net inflows for the quarter. Overall, Lazards asset management business reported $146.9 million in operating revenue for the quarter, down 16% for the quarter but up 23% for the year.
• Bank of New York reported $130 billion in assets under management, according to a regulatory filing. The New York-based companys total assets decreased by $1 billion during the quarter, as gains in its equity, fixed income and alternative assets were offset by a $4 billion decline in liquid assets, which now total $34 billion.
For the year, the Bank of New Yorks assets under management increased by 15%, led by an increase in its alternative investment strategies, which posted $33 billion at the end of the quarter, a 27% increase from one year ago.
• Citigroup Alternative Investments, New York, had $53.7 billion in assets under management, up 9% over Dec. 31 and up 36.6% over the year-earlier quarter, said Jon Diat, spokesman.
First-quarter revenue declined 17% to $562 million as of March 31, and net income dropped by 37% to $222 million, according to the earnings release.
Double-digit growth in client revenue and private equity were, in part, offset by lower revenue from hedge funds.