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Schroders reports better-than-expected first half
(Sharecast News) - Schroders reported better-than-expected first-half results on Thursday, buoyed by strong inflows into its wealth management division and accelerated cost savings, despite ongoing outflows from its core asset management operations. Adjusted operating profit rose 7% year on year to £316m for the six months ended 30 June, comfortably ahead of market expectations.
Assets under management increased slightly to £776.6bn from £758.4bn at the end of March.
Net outflows totalled £1bn in the period, compared with £3.9bn of inflows a year earlier, driven by heavy redemptions from its joint venture in China.
However, excluding joint ventures, Schroders recorded £4.5bn of net inflows, with its wealth arm continuing to outperform.
The company also raised its full-year cost-cutting target to £50m, up from a previous goal of £40m, as part of a broader plan announced in March to achieve £150m of savings over three years.
Schroders declared an interim dividend of 6.5p per share, unchanged from last year, and payable on 25 September.
At 1007 BST, shares in Schroders were up 0.32% at 391.24p.
Reporting by Josh White for Sharecast.com.
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