Schroders survived a potential scare at its annual general meeting (AGM) today as shareholders gave their backing to the fund manager’s executive pay.
It was reported that two shareholder advisory groups, Glass Lewis and Pirc, were opposed to Schroders’ pay plans.
However, 94.7 per cent of votes cast were in favour of the firm’s remuneration report and 93.5 per cent were in favour of the remuneration policy.
Earlier today, Schroders reported that its assets under management and administration had increased five per cent in the first quarter to £416.3bn.
During the first three months of the year, the firm completed the takeover of wealth management business C Hoare and Co, bringing in around 1,800 clients representing £2.5bn of assets under management.
Schroders also expects to complete the acquisition of Adveq, a Swiss private equity firm, in the second half of the year.
A UBS note in response to the figures said: “We expect a slightly positive response to the release this morning, especially as the higher-margin intermediary [assets were] the fastest growing division for Schroders in the quarter.”