Assets under management at Schroders grew 14.8% in 2020 to a record £574.4 billion ($779.9 billion), with net inflows of £42.5 billion.
The firm recorded £43.4 billion in net inflows in 2019, a financial update said Thursday.
Schroders' U.S. AUM also reached a milestone, at $100 billion — up 40.8% for the year.
The firm's asset management business recorded a 15.9% rise in AUM to £502.4 billion, with net inflows of £40.8 billion for the year. Net inflows in 2019 totaled £28.7 billion.
Schroders said it is "increasingly balanced towards the higher growth areas of private assets and alternatives, solutions and wealth management." Private assets and alternatives AUM grew 4.3% to £46.1 billion as of Dec. 31. Solutions AUM grew 34.7% to £192.3 billion. Wealth grew 7.9% to £72 billion.
Within the asset management unit, institutional AUM grew 10.9% to £159.8 billion. Net inflows were zero, with £700 of net outflows in the first half of 2020 offset by £700 million in net inflows in the second half. In 2019, institutional net outflows were £7.1 billion.
Net income was £2.18 billion, up 2.6% for the year, while profit after tax fell 2% to £486 million.
The firm views the Chinese onshore market as "one of the most attractive growth opportunities for asset managers," a statement accompanying the update said. The firm has operated in China for more than 25 years and has a joint venture with Bank of Communications in China.
"Evolving regulation has provided new opportunities to access this market. We are one of a few international investment managers, and the first U.K. domiciled, to be in a position to apply for a wholly owned (fund management company) licence," the statement said.
The firm has also agreed to establish a joint venture for a wealth management company with BOCOM, launching early next year. Schroders will own 51% of the new business.