View more on these topics

Schroders’ inflows buoyed by Best Practice stake

Schroders-Building-480.jpgSchroders’ wealth management arm reported £1.2bn in net inflows for the first half of the year, more than half of which came from the advice business it is invested in.

Benchmark Capital, which Schroders took a stake in in 2016 and owns network Best Practice, IFA Aspect 8, network and financial planning firm Evolution Wealth, and platform Fusion Wealth, contributed £700m to the £1.2bn net inflows.

Schroders’ half-yearly results released today place total assets under management and administration up from £447bn at the end of 2017 to £449.4bn at 30 June this year.

Assets under management at 30 June were £389.3bn, down from £389.8bn at the end of 2017.

Wealth management net income rose 8 per cent to £143.8m between January and June, up from the £133.7m in the first half of 2017.

Assets under management and administration for the wealth management arm at the end of June totalled £60.1bn, with £46.4bn of AUM and £13.7bn AUA.

Schroders group chief executive Peter Harrison says: “Wealth management has seen strong client demand and we have continued to expand our capabilities within private assets and alternatives, offsetting industry headwinds in other areas.”

Schroders moves away from dual pricing

Schroders’ overall group profit before tax slid from £5.4m in the first half of 2017 to £1m for the same reporting period this year.

Harrison says Schroders has still performed well against a “challenging backdrop.”

He says: “We have delivered robust revenue growth through our strategy of focusing on new markets and by continuing to evolve our products and solutions. We remain confident that we can generate growth through the cycle and that we are well placed to continue to create value for our clients and shareholders over the long term.”

Schroders is currently a frontrunner to manage £109bn for Lloyd’s Banking Group’s Scottish Widows Investment Partnership funds.

Recommended

Andrew Bailey BBA Conference 2012 480
5

FCA chief picks up £75,000 bonus

FCA chief executive Andrew Bailey received a £75,000 bonus for 2017/18, the regulator’s accounts show. Part of the bonus has been deferred and will be paid in 2019. The portion of the bonus already received has been donated to the FCA’s staff charities, Richard House and the Alzheimer’s Society. The bonus is a £10,000 increase […]

Aviva-signage-building-2013-700.jpg
2

Aviva and tech provider take joint responsibility for platform errors

Aviva is telling platform users that third party technology provider FNZ is jointly responsible for fixing errors experienced because of its replatforming project in January. Aviva moved assets on its platform from Bravura technology to FNZ six months ago but the project has been beset with issues, including advisers and clients not receiving payments, trades […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com