Schroders' assets under management increased 6.7% to £294.8 billion ($447 billion) over the year ended Sept. 30.
In a financial update for the nine months ended Sept. 30, the money manager said net inflows were £8.3 billion, up from £7 billion of net inflows for the first nine months of 2014.
However, negative investment returns of £13.5 billion more than offset net new business over the nine months ended Sept. 30, and assets under management fell 1.7% over that period.
For the three months ended Sept. 30, Schroders recorded £500 million of net outflows and negative investment returns of £14.6 billion, resulting in a 4.6% fall in AUM.
Institutional business accounted for £167.3 billion of the total assets under management as of Sept. 30, down 2.2% year-to-date and down 4.7% in the quarter. Institutional net inflows over the nine-period were £3.5 billion, with a negative investment return of £7.3 billion; and over the three months, institutional net outflows were £100 million and negative investment returns totaled £8.1 billion.
However, the update added that a further £2.3 billion of net new institutional business was funded Oct. 1.
In the first nine months of the year, profit before tax was £438.9 million vs. £364.2 million over the same period in 2014. Along with the £8.3 billion of net new business, “these results reflect the resilience of our diversified business at a time of heightened market volatility,” said CEO Michael Dobson in a statement accompanying the update.
