British fund manager Schroders has posted profit before tax of £371.1m for the first half of 2018, an increase of 8% compared to £342.8m reported in the previous year.
Profit before tax and exceptional items stood at £397.1m, up 10% from £361.5m a year earlier.
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The firm’s assets under management and administration at the end of June 2017 totalled £449.4bn, versus £447bn as at 31 December 2017.
Wealth Management
The firm’s wealth management arm posted net income of £143.8m for the first half of 2018, up 8% from £133.7m a year ago.
Profit before tax at the unit increased 4% to £37.9m from £36.4m in the previous year.
The division’s assets under management and administration were £60.1bn as at 30 June 2018, as against £57.2bn at the end of December 2017. The unit reported net inflows of £1.2bn during the period.
Asset Management
Schroders’ asset management arm recorded net income of £921.5m for the first half of 2018, a rise of 12% compared to £820m last year. The division’s profit before tax increased 10% year-on-year to £332.2m.
The unit’s assets under management at the end of June 2018 totalled £389.3bn, compared to £389.8bn at the end of December 2017.
Schroders group CEO Peter Harrison said: “We have delivered good results in the first half of 2018 with profit before tax and exceptional items increasing 10% to £397.1 million. Against a challenging backdrop we have delivered robust revenue growth through our strategy of focusing on new markets and by continuing to evolve our products and solutions.
Our diversified business model has again proven its worth. Wealth Management has seen strong client demand and we have continued to expand our capabilities within Private Assets and Alternatives, offsetting industry headwinds in other areas.”
