British fund manager Schroders has posted a pre-tax profit of £589m for the year ended 31 December 2015, a rise of 14% from £517.1m a year earlier.
The group's profit before tax and exceptional items increased 8% to £609.7m from £565.2m a year ago, while net revenue before exceptional items grew by 7% to £1.65bn in 2015 from £1.54bn in 2014.
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The firm's total assets under management (AuM) stood at £313.5bn, up 6.7% compared to £300bn in the year ago period.
The group reported net new business of £13bn for the period compared to £24.8bn a year ago.
Wealth Management
Schroders' wealth business has reported net revenue of £207.2m for the full year of 2015, a decrease of 3% compared with £213.5m a year earlier.
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By GlobalDataThe unit's underlying revenues increased in 2015, as revenue in 2014 included £9m from performance fees and the release of a loan loss provision.
The division's profit before tax and exceptional items was £61.3m compared to £61.7m reported during the same period last year, while the unit's profit before tax was up 46% to £60.5m.
Net outflows in wealth were £0.1bn compared to net inflows of £0.5bn a year ago. The assets under management of the wealth business at 31 December 2015 stood at £31.6bn.
Asset Management
Schroders' asset management arm has posted net revenue of £1.41bn for the year ended 31 December 2015, a rise of 8% from £1.3bn in the prior year. This includes performance fees of £35.7m.
The unit's profit before tax and exceptional items was £540.5m, a 8% jump from £499.3m a year ago, while profit before tax was up 10% to £528.4m.
The business generated £13.1bn of net new business in 2015, as a result of competitive investment performance for clients
with 72% of assets under management outperforming benchmark or peer group over the three years to the end of 2015.
For the year ended 31 December 2015, assets under management at the unit were £281.9bn.
Schroders CEO Michael Dobson said: "2015 was another good year for Schroders with profit before tax and exceptional items reaching a record £609.7 million. Competitive investment performance and strong distribution led to £13.0 billion of net new business and assets under management at the end of the year were £313.5 billion.
"Reflecting these strong results, the Board is recommending a final dividend of 58.0 pence per share, bringing the dividend for the year to 87.0 pence per share, an increase of 12 per cent."
Additionally, Michael Dobson will step down from the role and be replaced by Peter Harrison on 4 April 2016. Dobson will become non-executive Chairman, effective 4 April 2016.
Also, Andrew Beeson, who has been Chairman for the last four years and a member of the Board since 2004, will retire from the Board on 4 April 2016 and also Massimo Tosato, executive vice chairman and global head of distribution, will retire as a director of the company and leave the firm on 31 December 2016.
