(Sharecast News) - Asset manager Schroders reported a jump in net new business in its wealth management division on Tuesday, as it outlined plans to grow the unit.
The blue chip said assets under management in Schroders Wealth Management had increased to £11.5bn as at 30 April, supported by net new business of £2.9bn.
Schroders, which is hosting a capital markets day for the arm, said Cazenove Capital continued to "leverage its differentiated position in the ultra/high-net worth bracket", helped by the opening of regional offices, while Schroders Personal Wealth was "poised for strong growth" in the affluent bracket.
Benchmark Capital, meanwhile, was continuing to grow its share of the UK advisor market, it added.
Schroders expects the wealth management arm to generate net new business growth of between 5% and 7% of opening AUM per year. Operating profit is forecast to grow at a compound annual growth rate of around 10% from 2022 to 2025, once the effects of markets, currencies and acquisitions are stripped out.
As at 1115 BST, shares in Schroders were largely flat at 454.1p.
Schroders (SDR)
