LONDON, April 25 (Reuters) - Schroders reported its assets under management edged up over the first quarter of 2024 but missed analyst forecasts, as the British fund manager kicks off a search for a successor to its long-standing CEO Peter Harrison.
Schroders said in a trading update on Thursday that its assets increased 1% over the January-March period to 760.4 billion pounds ($951 billion), but the figure came in below analyst expectations, sending its shares down 2%.
Analysts at Panmure Gordon said the company's sparse update raised more questions than it answered, as it did not provide data on inflows or outflows of client cash.
"The problem with not reporting the impacts of flows and markets is that when the outcome for (assets) is different to expectations, as it has been more than once, there is no way of telling what the issue has been," the analysts said in a note.
The biggest shortfall was in assets for Schroders' 'Solutions' business, which works with big corporate clients. Analysts at JPMorgan said this could have been down to client mandate redemptions.
The company said on Wednesday that Harrison plans to retire next year after eight years in the top role, prompting a search to lead Britain's largest standalone fund manager. ($1 = 0.7996 pounds)