Schroders Wealth Management net revenue in the first quarter soared 90 per cent to £50.3 million, up from £26.5 million a year ago, reflecting the acquisition of Cazenove Capital last July.

Schroders Wealth Management net revenue in the first quarter soared 90 per cent  to £50.3 million($84.9 million), up from £26.5 million a year ago, reflecting the acquisition of Cazenove Capital last July.

Schroders said in its quarterly statement to 31 March that profit before tax and exceptional items was up 171 per cent to £13.3 million from the same period a year ago.

Assets under management rose slightly from £30.1 billion at the end of December to £30.2 billion.

Overall group assets under management increased 1.9 per cent over the quarter to £268 billion, while profit before tax rose from £115.0 milion in the first quarter last year to £130.7 million.

“2014 has started well for Schroders, with £3.8 billion of net new business wins across multi-asset, equities and fixed income, taking assets under management to a record £268.0 billion. We had a strong quarter in Intermediary with high levels of net inflows in Europe and the UK although, with markets facing a number of uncertainties, retail investor demand may reduce in the short term,” said chief executive Michael Dobson.    

“In Institutional, we see a wide range of opportunities with a good pipeline of business we have won but which has not yet been funded including £12.2 billion from Friends Life, as announced in March,” said Dobson.

Asset Management net revenue for the quarter was up 6 per cent to £306.2 million, including performance fees of £6.3 million. Profit before tax was up 11 per cent to £117 million, while net inflows were £3.8 billion, comprising £1.0 billion in Institutional and £2.8 billion in Intermediary, while assets under management at the end of March were £237.8 billion.