Schroders on Thursday reported its asset management business saw a 68% jump in assets under management in the first quarter to a record £154.2 billion ($231 billion).
Schroders attracted £9.3 billion of net inflows to its fund management business in the first quarter, a record for a three-month period, according to a company statement.
The recovery in equity markets over the past year led to record inflows of cash for the money manager as low interest rates pushed investors to seek higher returns.
“It was a very strong quarter,” Schroders CEO Michael Dobson said in an interview. “The inflows were the highest we have ever had.”
Asset management revenue in the period almost doubled to £244.8 million, helped by performance fees of £27.2 million.