Schroders have reported slightly stronger growth figures for their private banking business in the first half of 2013.
The bank announced that operating pre-tax profit for the first half of 2013 was up 1.9% at £10.6 billion ($16.1 billion) from $10.4 billion for the same period last year.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Revenues increased by 1.7% from £52.6 billion in the first half of 2012 to £53.5 billion for the first half of 2013.
There was steady growth in the assets under management (AUM) for the half year to June 2013 with assets growing by 3.7% year-on-year to £16.9 billion from £16.3 billion.
Despite this rise in assets, net client withdrawals stood at £0.3 billion in the first six months of 2013.
In the interim statement Schroders also said the purchase of Cazenove Capital, which it completed in July, will bring in £13.2 billion in AUM from its wealth management division.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe overall affect of the purchase of the UK’s Cazenove Capital and STW Financial management in the USA will show in the third quarter results due later this year.
