In the first three months of the year, the capital managed by Schroders’ on behalf of intermediaries fell £3.1bn to £130.9bn from £134bn at the end of the previous quarter.
Over the three months, total assets under management dropped to £426.1bn at the end of March from £435.7bn at the start of January 2018.
Business units
Assets under administration (AUA) rose to £12bn from £11.3bn. However, the improved AUA failed to offset the outflows with the company’s total assets under management and administration dipping to £438.1bn, compared with £447bn on 1 January 2018.
Apart from positive flows into its AUA, all other business units suffered redemptions. Schroders’ asset management business saw AUM slide to £382.1bn from £389.8bn.
Assets at Schroders wealth management business, Cazenove Capital, also slipped 4% to £44bn from £45.9bn.
High volatility
Schroders is the second major asset management house to suffer a hit to its total assets in the first quarter.
Last week, Jupiter reported that it had ended the period with net outflows of £1.3bn, driven by redemptions from its Dynamic Bond fund, run by Ariel Bezalel.
It suffered a sharper fall in AUM in Q1 2018, with assets dropping 6.6% to £46.9bn from £50.2bn.
