Assets under management at Schroders fell 2.2% for the three months ended March 31, to £426.1 billion ($597.9 billion).
For the year ended March 31, assets grew 5.2%, a financial update Thursday showed.
Institutional assets under management fell 1.8% in the first quarter, to £251.2 billion. For the year, those assets under management grew 7.1%.
Total assets under management and administration also fell for the quarter, by 2% to £438.1 billion. For the 12 months, this figure grew 5.2%.
The firm no longer publishes full financial results in the first and third quarters of each year, focusing instead on the long-term.
A spokesman declined to comment beyond information in the update.
An analyst note by Cenkos Securities said the update was "a triumph of brevity ... therein lays the point: there was nothing out of the ordinary in the quarter worthy of note. AUM was close enough to our estimates, so that is reassuring."
The analysts attributed the decline in assets under management to "some modest inflows offset by market weakness and sterling strength."