British fund manager Schroders has posted profit before tax of £342.8m for the first half of 2017, an increase of 21% over £282.3m reported a year ago.
Profit before tax and exceptional items stood at £361.5m, up 23% from £293.7m in the first half of 2016.
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The firm’s assets under management and administration at the end June 2017 totalled £418.2bn, as against £343.8bn a year earlier.
Wealth Management
The firm’s wealth management arm posted net operating revenue of £130.8m for the first half of 2017, a 22% rise from £107.1m in the first half of 2016.
Profit before tax at the unit soared 28% to £36.4m from £28.4m a year ago.
The unit’s assets under management and administration were £54.9bn as at 30 June 2017, versus £33.8bn a year ago. Net inflows at the unit were £0.6bn.
Asset Management
Schroders’ asset management division recorded net operating revenue of £809.3m for the first half of 2017, a surge of 18% compared to £687.8m in the previous year.
The division’s profit before tax stood at £301m, a 21% jump from £249.1m a year ago.
The unit’s assets under management at the end of June 2017 totalled £363.3bn, compared to £310bn a year ago.
Schroders group CEO Peter Harrison said: “We have delivered another set of good results, with profit before tax and exceptional items increasing 23% to £361.5 million. Assets under management and administration have reached a new high of £418.2 billion. Underlying progress in all regions was encouraging and we are building out our capabilities in Private Assets.”
