Schroders' AUMA soars to new high of £447bn as performance fees double

Net inflows jump

Schroders has posted solid results for 2017 with profits before tax jumping 23% and net inflows reaching almost £10bn, compared to just £1.1bn in 2016, while performance fees in the firm's asset management business doubled.

The investment manager said profit before tax was £760.2m, a 23% climb on the previous year's £618.1m, while net operating revenue increased 17% to £2bn, up from £1.7bn in 2016. Net income rose by 15% to £2.1bn, "driven by higher assets under management and performance fees", a statement said. AUM increased 13% to a new high of £447bn, up on the £395.3bn reported at the end of 2016. The results said this arose from "strong investment performance, acquisitions aligned with our strategic priorities and net new business from clients". However, the group said weakness in sterling in the seco...