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July 31, 2014updated 01 Mar 2017 9:51am

Schrodersí wealth business reports 148% surge in H1 profit

Schrodersí 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.

By Verdict Staff

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.

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."

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