You are here: Home - Investing -

The Cazenove effect: Schroders’ profits soar

Written by:
Schroders recorded third quarter pre-tax profits of £121.6m, it said today, a 37% increase from £88.6m in Q3 2012, as the impact of the acquisition of Cazenove boosted its numbers.

Profits for the nine months to 30 September hit £349.6m, also up sharply by 31% from 2012’s figure of £266m.

Q3 net inflows into the firm’s asset management arm totalled £1.7bn, including £600m into Cazenove funds, taking net inflows for the nine months to £6.5bn.

However, its wealth management arm recorded Q3 net outflows of £700m after the loss of a large custody account. Net outflows year to date are £1bn.

CEO Michael Dobson (pictured) said the acquisition of Cazenove had strengthened its wealth management, equities, multi-manager and fixed income capabilities.

“We see a broad range of new business opportunities in the UK and internationally on the back of competitive performance, proven investment talent and strong distribution and remain confident that Schroders is well placed for further growth as we continue to invest in our business for the long term,” he said.

Asset management Q3 net revenue was £315m – up from £246m the previous year – including performance fees of £17.5m which also climbed sharply.

Profit before tax and exceptional items at the division was £109.6m, up from £85.8m.

The division also saw assets under management hit £226.8bn, up from £186.7bn last year.  


Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Everything you need to know about the pension triple lock

Retirees are braced to receive another bumper state pension pay rise next year due to the triple lock mechanis...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week