UK asset manager Schroders is reportedly planning to expand its multi-asset team in the US as part of its strategy to double the percentage of revenue the firm generates in America.
Schroders multi-asset strategies have more than US$9.3 billion in US assets under management but the firm wants to attract public and corporate pension plans and is studying ways to access the defined contribution market, efinancialnews.com has reported.
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Karl Dasher, North America chief executive of Schroders, was quoted by efinancialnews.com as saying that multi-asset investing was the area where the firm had the greatest appetite for new investment hires as it looks to grow its brand in the US.
"A key part of that growth strategy in America, where the fund manager earns 10% of its revenues, is to persuade the market to look beyond Schroders’ strength in niche areas like international equities and commodities and see it as an asset management company that can help clients with their core equity, fixed income and multi-asset allocations," he added.
At the end of 2013, Schroders managed US$435.4 billion globally with about 20% in multi-asset funds, covered by 118 staff.
The British firm applied to the Securities and Exchange Commission (SEC) to launch its first multi-asset retail funds in the US, the report added.
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