British fund manager Schroders has posted a pre-tax profit of £760.2m for the year ended December 2017, a surge of 23% compared to £618.1m in the previous year.

The group’s profit before tax and exceptional items was £800.3m, a 24% jump from £644.7m a year ago.

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The firm’s assets under management and administration were £447bn at the end of December 2017, up 13% from £395.3bn in 2016. Net inflows increased to £9.6bn from £1.1bn last year.

Wealth Management

Schroders’ wealth business reported net income of £273.3m for the year ended December 2017, up 22% from £224m reported a year ago.

The unit’s profit before tax and exceptional items soared 36% to £90.3m from £66.4m last year, while profit before tax increased 20% year-on-year to £67.4m.

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Assets under management at the wealth business were £45.9bn as at 31 December 2017, versus £39.6bn in 2016.

Asset Management                  

Schroders’ asset management arm has posted net income of £1.75bn for the year ended December 2017, a rise of 14% from £1.53bn last year.

Compared to the previous year, the division’s profit before tax and exceptional items increased 23% to £705.9m while profit before tax surged 24% to £688.7m. The business generated £7.6bn of net inflows in 2017.

Schroders group CEO Peter Harrison said: “Schroders has again delivered strong results in 2017, with our diversified business model and client-centric approach generating growth across the Group. Underlying organic growth and selective acquisitions combined with rigorous cost discipline led to a 24% increase in pre-exceptional profit. Assets under management and administration rose to a new high of £447.0 billion.

Focusing on the longer term, we have continued to see good progress in a number of key strategic areas, with the expansion of our investment capabilities in private assets, an improvement in Wealth Management and strong underlying momentum in North America.”