(Alliance News) - Schroders PLC on Tuesday said assets under management in its Wealth Management division grew in the four months ended April 30, and it expects more growth ahead.
Ahead of a capital market day in London focused on the Wealth Management business, the investment manager said assets under management for the division on April 30 were GBP115.6 billion, up 3.7% from GBP111.4 billion on December 31. This was supported by net new business of GBP2.9 billion, Schroders said.
Schroders has three units within its Wealth Management business.
Cazenove Capital & International will "continue to leverage its position in the high-net-worth bracket accelerated by the newly launched regional offices", Schroders said.
The Benchmark business is growing its portion of the UK adviser market through the use of its technology platform, it said.
The Personal Wealth unit is "poised for strong growth", Schroders asserted.
Looking ahead, Schroders said it expects the Wealth Management division to generate new business growth of 5% to 7% of opening AuM per annum and its operating profit to grow at a compound annual growth rate of about 10% until 2025.
Shares in Schroders were down 0.6% at 452.20 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Schroders (SDR)