Schroders’ wealth business has reported profit before tax and exceptional items of £26.3 million for the first half of 2014, a surge of 148% compared with £10.6 million a year earlier.

In the six months to 30 June, the division’s assets under management (AuM) rose to £30.7 billion from £16.9 billion in June 2013.

Net revenues in wealth management increased 88% to £100.5 million from £53.5 million a year ago.

The British firm attributed this rise largely to the acquisition of Cazenove Capital. "The integration of the wealth management business of Cazenove Capital is progressing well and the response from clients has been encouraging," the firm said in a statement.

Overall, the group posted half yearly pre-tax profit of £233.9 million, a 6% rise over £221.7 million a year ago.

The performance of the wealth business helped overall funds under management at Schroders hit a record £271.5 billion, a rise of £35.8 million year-on-year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Commenting on the results, chief executive Michael Dobson said: "Schroders achieved record results in the first half of 2014. We have seen good inflows in July and we have a significant pipeline of business we have won in institutional which has not yet been funded.

"Our focus on delivering long-term value for shareholders is reflected in the 50% increase in the interim dividend."