Schroders profit up as AuM reach all-time high

Wealth manager Schroders reported a rise in first-half pre-tax profit on Thursday as assets under management grew.

In the six months to 30 June, pre-tax profit rose to £342.8m from £282.3m in the same period a year ago, with assets under management at an all-time high of £418.2bn, up from £343.8bn.

The company posted net inflows of £800m, down from £1bn a year ago but ahead of analysts' expectations for outflows, and the interim dividend was lifted by 17% to 34p per share.

Pre-tax profit in the asset management division increased to £301m from £249.1m, while profit in the wealth management business rose to £36.4m from £28.4m.

Chief executive Peter Harrison said: "Underlying progress in all regions was encouraging and we are building out our capabilities in Private Assets. We are confident in our ability to continue identifying, and investing in, areas of future growth.

"Markets have remained buoyant in the first half of the year, but we remain cognisant that these trends can be volatile and that market returns are difficult to predict. Our diversified business model has proven that it is well placed to adapt to the changing landscape and to continue to create value for clients and shareholders over the long term."