Schroders’ assets under management increased 3.3% to £309.9 billion ($480.4 billion) over the six months ended June 30, but the strengthening of sterling hit investment returns over the second quarter in particular.
Over the six months, the money manager recorded total net inflows of £8.8 billion, vs. £4.8 billion for the same period in 2014. Net inflows were particularly strong in fixed income, said CEO Michael Dobson in a statement accompanying a financial update.
Institutional net inflows totaled £3.6 billion, bringing total institutional assets to £175.5 billion, up 2.6% over the six-month period.
Over the three months ended June 30, total assets under management decreased 3% from £319.5 billion, with the strengthening of the sterling since the end of the previous quarter reducing total assets under management by £10.2 billion, said the manager in the update. Total net inflows were £3.7 billion over the three months.
Over the past 12 months, assets under management were up 14.1%.
Profit before tax was £290.3 million for the six months ended June 30, up 24% vs. the same period in 2014.
In the statement, Mr. Dobson highlighted heightened volatility, related to uncertainty in the eurozone and China toward the end of the six-month period, and added net inflows were also strong in Asia-Pacific and continental Europe.
