The wealth management business of FTSE 100 asset manager Schroders, had net inflows of £2.7bn in the first half of the year, with a 24 per cent increase in operating profit to £110mn.
The wealth management inflows revealed the number was £1bn less than the corresponding six month period last year.
One-third of the net figure came from Benchmark Capital its advice business, which acquired £200mn of assets under management when it acquired Baxter Robertson, an advice business in February 2025.
Schroders Personal Wealth, the advice business that is a joint venture with Lloyds Banking Group, contributed £300mn of net inflows, compared with £200mn for the corresponding half year, 12 months ago.
Profits across the entire wealth management business, which also includes the Cazenove wealth management outfit, were £110mn, an increase of 24 per cent from the previous year.
The company highlighted the contribution of Schroders Personal Wealth to that increased profit number.
That part of the business contributed £12.9mn of the total, “a result of changes to the investment proposition which have improved efficiencies and reduced third-party costs.”
The listed equities part of the business was a major contributor, with net inflows of £3.5bn, compared with net outflows of £7.8bn last time — a turnaround of £11.3bn in twelve months.
Major contributors to the improved performance of the equity business were the winning of a £4bn investment contract to manage money for St James Place, and a £3.3bn pension fund mandate.
The total assets under management of the equities business was £199bn, up from £190bn in the previous quarter.
There were outflows from the multi-asset business of £3.6bn, and of £2bn from fixed income.
Total profit for the asset management business was £232mn, up from £227mn in the same period last year.
David.Thorpe@ft.com
