News releases

Q3 Interim Management Statement 2016

03/11/2016

Schroders plc today issues its interim management statement covering the nine months to 30 September 2016.

•     Profit before tax and exceptional items £455.3 million (2015: £453.2 million)

•     Profit before tax £436.2 million (2015: £438.9 million)

•     Assets under management £375.0 billion (30 September 2015: £294.8 billion)

Peter Harrison, Group Chief Executive, commented: “We continued to deliver solid results in the first nine months of the year, with profit before tax of £436.2 million.  Our diversified business model generated £2.7 billion of net new business and assets under management increased to £375.0 billion. We have made progress against our strategic objectives, particularly in North America.”

Asset Management

Asset Management net operating revenue for the first nine months was £1,071.3 million (2015: £1,032.0 million), including performance fees of £13.3 million (2015: £12.7 million).  Profit before tax and exceptional items was £399.1 million (2015: £400.4 million) and profit before tax was £386.8 million (2015: £391.3 million).

Net inflows for the nine months were £3.2 billion, comprising net inflows of £5.4 billion in Institutional and net outflows of £2.2 billion in Intermediary. Assets under management at 30 September were £339.4 billion
(30 September 2015: £263.9 billion).

Wealth Management

Wealth Management net operating revenue for the first nine months was £162.6 million (2015: £157.6 million). Profit before tax and exceptional items was £49.5 million (2015: £46.5 million) and profit before tax was
£42.7 million (2015: £47.7 million). There were net outflows of £0.5 billion over the nine months and assets under management at 30 September were £35.6 billion (30 September 2015: £30.9 billion).

Group

The Group segment comprises central costs and returns on investment capital. Profit before tax in the first nine months was £6.7 million (2015: loss before tax of £0.1 million).

Shareholders’ equity at 30 September 2016 was £2.9 billion (30 September 2015: £2.6 billion).

 

Peter Harrison, Group Chief Executive, and Richard Keers, Chief Financial Officer, will host a conference call for the investment community, to discuss the third quarter interim management statement at 9am GMT on Thursday,
3 November 2016.

The conference call telephone number is 0800 694 1515 (International: +44 (0)1452 584 053), conference ID 4511464. For individuals unable to participate in the conference call, a telephone replay will be available from 2pm GMT on Thursday 3 November for one month. Please telephone 0800 953 1533 (International: +44 (0)1452 550 000), conference ID 4511464.

Contacts

For further information please contact:

Investors

Alex James, Investor Relations
+44 (0) 20 7658 4308
alex.james@schroders.com

Press

Beth Saint, Head of Communications
+44 (0) 20 7658 6168
beth.saint@schroders.com

Anita Scott, Brunswick
+44 (0) 20 7404 5959
schroders@brunswickgroup.com

 

Appendix

Assets under management

Nine months to 30 September 2016

  Institutional
£bn
Intermediary
£bn 
Asset Management
£bn
Wealth Management
£bn
Total
£bn
1 January 2016 181.0 100.9 281.9 31.6 313.5

Net flows

Acquisitions1

Investment returns 2

Transfers 3

5.4

1.9

34.5

(0.9)

(2.2)

1.4

17.4

-

3.2

3.3

51.9

(0.9)

(0.5)

-

3.6

0.9

2.7

3.3

55.5

-

30 September 2016 221.9 117.5 339.4 35.6 375.0

Three months to 30 September 2016

  Institutional 
£bn
Intermediary
£bn 
Asset Management
£bn
Wealth Management
£bn
Total
£bn
1 July 2016 203.6 106.4 310.0 33.8 343.8

Net flows

Acquisitions1

Investment returns 4

1.0

1.9

15.4

1.1

1.4

8.6

2.1

3.3

24.0

(0.1)

-

1.9

2.0

3.3

25.9

30 September 2016 221.9 117.5 339.4 35.6 375.0

1Relates to the acquisition of a securitised credit business in North America.

2The weakening of Sterling since 1 January 2016 had the effect of increasing total assets under management by £38.6bn.

3Relates to the transfer of charities assets from Asset Management to Wealth Management.

4The weakening of Sterling since 1 July 2016 had the effect of increasing total assets under management by £10.1bn.

 

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Q3 Interim Management Statement 2016 6 pages | 371 kb

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