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April 29, 2021

Schroders announces Q1 results amid Singapore shuffle

By Hannah Wright

Schroders has revealed its results for Q1 2021, registering total assets under management, including JVs and associates, of £672.0bn ($936.55bn).

This value, for the first three months ending 31 March 2021, represents a 1.36% increase from the total of £663.0bn for the same period in 2020.

Inflows from asset management were up to £510.1bn from 502.4bn, while inflows for wealth management increased from £72bn to £72.8bn year-on-year.

Coinciding with the confirmation of quarterly results, Schroders also announced that Lily Choh will become the new to CEO of Schroders Singapore, in hopes of accelerating business growth in Singapore, Malaysia and Thailand.

Replacing Susan Soh, Choh will commence the role from May 2021, leading Schroders’s growth strategy across the Southeast Asian region and will oversee the management of the Singapore office, and over 450 employees.

After stepping down, Soh will assume the role of co-CEO of APAC alongside Chris Durack. Having spent 14 years as chief executive, Soh significantly developed the business in the Southeast Asian region and will remain as a director of SIMSL.

Soh commented: “With a rapidly increasing middle class, the Southeast Asia region provides opportunities for us to engage with the growing wealth with our innovative wealth management solutions to cater to the preferences of the local investors.”

Last year, Choh was appointed deputy CEO of Schroders Singapore and director on the board of Schroders Singapore (SIMSL) in addition to her role as Head of Institutional, Asia-Pacific (APAC).

Choh is expected to transition out of her dual role by the end of 2021 to focus on her new responsibilities as CEO of Schroders Singapore.

Soh continued: “I am confident that Lily, who has been working closely with me over the last few years, is well placed to take our business to the next stage of growth. We look forward to this new chapter for Schroders Singapore under Lily’s leadership.”

In a string of hires, Schroders also announced that Amy Cho has been appointed to the newly created role of head of distribution, APAC.

Leading distribution across both intermediary and institutional channels, Cho will work closely with Soh and Durack to drive a cohesive distribution strategy across the APAC region.

Cho will assume this new position in addition to her current responsibilities as CEO of Schroders Hong Kong.

Durack concluded: “Schroders remains committed to its ambitious growth plans across the APAC region, and Amy’s appointment is key to driving our strategic distribution priorities in the region and creating greater synergies across our business channels.”

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