British fund manager Schroders has posted a pre-tax profit of £618.1m for the year ended 31 December 2016, a 5% increase compared to £589m in the prior year.

The group's profit before tax and exceptional items was £644.7m, a 6% increase from £609.7m a year ago.

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The firm's assets under management and administration stood at £397.1bn at the end of 2016, a 27% from £313.5bn last year.

The group reported net new business of £1.1bn during the year, with continued demand from institutional clients that offset outflows from intermediary and wealth management clients.

Wealth Management

Schroders' wealth business recorded net income of £224m for the year ended December 2016, up 8% from £207.2m in 2015.

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The division's profit before tax and exceptional items was £66.4m, an 8% rise from £61.3m in the previous year, while profit before tax dropped 7% year-on-year to £56.3m.

Assets under management and administration at the wealth business at the end of 2016 were £50.7bn, a 60% surge from £31.6bn a year ago.

Asset Management

Schroders' asset management arm has posted net income of £1.53bn for the year ended December 2016, up 8% compared to £1.41bn in 2015.

Compared to the prior year, the division’s profit before tax and exceptional items increased 6% to £572.4m while profit before tax rose 5% to £553.9m. The business generated £1.4bn of net new business in 2016.

Schroders group CEO Peter Harrison said: “We delivered good results in 2016, with profit before tax and exceptional items increasing 6% to £644.7 million. Strong investment performance, positive net inflows and strategic acquisitions led to assets under management and administration increasing 27% to £397.1 billion.

“We have made good progress against our strategic objectives and see a number of future growth opportunities. Our diversified business model, a strong financial position and willingness to invest behind the business means we are well placed to take advantage of these opportunities, despite the challenges faced by the industry.”