Schroders assets under management (AUM) have reached new heights, swelling by 10 per cent last year to £731.6bn.
The asset manager enjoyed a profit before tax jump of 25 per cent, reaching £764.1m, the first announced in its full year results today.
The “strong” financial performance prompted the board to recommend a dividend of 122.0p per share, an increase of some seven per cent in comparison with 2020.
Net income rose to £2.5bn over the 12-month period, up 18 per cent from £2.1bn in 2020. However, the firm’s operating expenses continued to swell, hitting more than £1.7bn.
“Delivering excellent investment performance is always our primary focus; it was pleasing that 79 per cent of assets outperformed on a three-year basis,” group chief executive Peter Harrison said.
“We continue to invest for the future. Most recently we have further expanded our capabilities. As a renewable energy manager, Greencoat Capital reinforces our leadership position in sustainability and will help enable our clients’ net zero responsibilities. River and Mercantile’s Solutions business enables us to expand our fiduciary management capabilities. These businesses will enhance our resilience and contribute to future growth.”
The London-headquartered firm has also posted a new non-executive director to the board, who will step into the role at the beginning of July.
Paul Edgecliffe-Johnson, the chief financial officer and group head of strategy of InterContinental Hotels Group, has previously worked with HSBC and PwC.
Chairman Michael Dobson said: “Matthew has experienced a full remuneration cycle and is well placed to lead the review of our remuneration policy which will be put to shareholders in 2023.
“I would like to thank Damon for his work as chairman of the committee and we are pleased that he will continue to be a member of the committee.”