Schroders’ wealth management arm saw revenues rise 90% compared to the same time last year, mainly due to the acquisition of Cazenove Capital in July last year.
Revenue rose to £50.3 million from £26.5 million. Profit before tax and exceptional items sharply increased by 171%, to £13.3 million from £4.9 million in the first quarter of 2013. Assets under management (AuM) stayed roughly the same, rising £0.1 billion from the last quarter to reach £30.2 billion.
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Overall, Schroders, based in the UK, saw pre-tax profit hit £130.7 million, a rise of over £15 million from the same period last year. Moreover, AuM reached a record £268 billion in the group.
Michael Dobson, chief executive, said: "2014 has started well for Schroders, with £3.8 billion of net new business wins across multi-asset, equities and fixed income, taking assets under management to a record £268 billion. We had a strong quarter in intermediary with high levels of net inflows in Europe and the UK although, with markets facing a number of uncertainties, retail investor demand may reduce in the short term."
