British fund manager Schroders has posted a total profit before tax and exceptional items of £144.5m for the first quarter of 2016, down 3.4% compared to £149.6m a year ago.
The firm's total assets under management (AuM) stood at £324.9bn at the end of the first quarter.
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Wealth Management
The firm's wealth arm has reported net revenue of £52m, down 0.4% compared to £52.2m in the corresponding quarter of 2015.
Profit before tax and exceptional items increased 5.3% to £15.7m from £14.9m in the prior year quarter.
At the end of March, the unit's assets under management stood at £32.9bn, while net flows were flat.
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Schroders' asset management division has recorded a net revenue of £349.9m, flat compared to £350.1m in the first quarter of 2015.
The unit's profit before tax and exceptional items dropped 4.3% year-on-year to £127.9m from 133.7m.
The division recorded strong net inflows in Institutional of £4.5bn, partly offset by Intermediary net outflows of £1.8bn. The unit's AuM reached £292bn at the end of March.
Schroders group CEO Peter Harrison said: "In volatile markets, our diversified business model delivered solid results with profit before tax in the first quarter of £137.9 million. Our clients invested £2.7 billion of net new business as assets under management increased to a record level of £324.9 billion."
