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Cazenove funds boost Schroders inflows

Advisers accounted for just £100m of £1bn of inflows in the three months to September.

Schroders has seen pre-tax profits increase 31 per cent in the nine months to September to £349.6m , compared with £266m in 2012.

But adviser inflows have stuttered, accounting for only £100m of £1bn of inflows during the three months to September.

Schroders chief executive Michael Dobson attributes the firm’s growth in profits to £600m inflows into the Cazenove Capital funds following its acquisition of Cazenove in July.

As a result of the acquisition, Schroders’ assets under management increased from £202.8bn last year to £256.7bn.

Schroders chief executive Michael Dobson says: “Cazenove has materially strengthened our wealth management business and added to our capabilities in equities, multi-manager and fixed income.

“We see a broad range of new business opportunities in the UK and internationally on the back of competitive performance, proven investment talent and strong distribution.”

Separately, Schroders has decided to hard close its £367m Cazenove Absolute UK Dynamic fund after it hit capacity.

The fund, co-managed by John Warren and Paul Marriage, was hard closed last week.

Schroders managing director of intermediary Robin Stoakley says: “We are always mindful of our duty to protect existing investors’ performance and deliver the fund’s objectives.”

Chelsea Financial Services managing director Darius McDermott says: “The results are very positive. Schroders bought Cazenove for its private client business and the asset management arm is firing on all cylinders.

“As for the Absolute UK Dynamic fund, I have not been able to access it as they took it off platforms a while ago. But it is a very good fund and Paul Marriage is doing a very good job.”

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