Net revenue for the quarter was GBP323 million, compared to GBP282.7 million in the corresponding quarter of 2012.
The group’s total assets under management were GBP236.5 billion, compared to GBP212 billion as of 31 December 2012.
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The group’s asset management division reported net revenue GBP289.8 million for the quarter, up from GBP250.8 million a year earlier. Net inflows were GBP5.8 billion, comprising GBP2.3 billion in Institutional and GBP3.5 billion in Intermediary.
The division’s assets under management at the end of March were GBP219.2 billion compared to GBP195.7 billion as of 31 December 2012.
Private Banking net revenue for the first quarter was GBP26.5 million versus GBP27.1 million a year ago. Profit before tax was GBP4.9 million against GBP6.4 million in the first quarter of 2012. Net outflows were GBP0.2 billion and assets under management at the end of March were GBP17.3 billion.
Michael Dobson, chief executive of the company, commented: "It has been a strong quarter and these results reflect the benefit of our diversified business. Competitive investment performance led to net inflows in Institutional and Intermediary and across all asset classes and regions."
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By GlobalData"We continue to broaden and develop the business both in the UK and internationally, including the proposed acquisition of Cazenove Capital to strengthen our Private Banking business and add complementary strategies and skills in Asset Management. We are confident that the business is well positioned for further growth over the long term," Dobson added.
