Schroders reported £375 billion ($487.7 billion) in assets under management as of Sept. 30, up 9.1% from three months earlier and up 27.2% from a year ago, bolstered by institutional net inflows and positive investment returns.
Institutional assets grew 9% for the quarter and 32.6% for the year to total £221.9 billion, said a financial update Thursday.
Schroders attracted £2 billion of net inflows in the quarter, compared with £2 billion of net outflows for the three months ended June 30 and £500 million of net outflows for the third quarter 2015. Institutional net inflows totaled £1 billion for the three months ended Sept. 30, compared with £100 million of net outflows for both the previous quarter and the third quarter 2015.
Market-related gains totaled £25.9 billion for the third quarter, of which institutional assets contributed £15.4 billion. That compares with £20.9 billion in gains, and £13.8 billion from institutional assets, for the quarter ended June 30, and a loss of £14.6 billion, including £8.1 billion from institutional, in the quarter ended Sept. 30, 2015.
The money manager said the weakening of the pound sterling since July 1, in the aftermath of the U.K. vote to leave the European Union, increased total assets under management by £10.1 billion.
In a statement accompanying the update, Peter Harrison, group CEO, said the firm has made progress against its strategic objectives, “particularly in North America.” Schroders’ North America assets under management grew 20.2% over the quarter, and 41% over the year, to £46.4 billion as of Sept. 30.