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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.


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