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Schroders assets under management fall in first quarter
(WebFG News) - Schroders reported a 2% fall in assets under management in the first quarter as equity markets tumbled.
The fund manager's managed assets fell to £426.1bn at the end of March from £435.7bn at the start of 2018 - a period when share prices dropped sharply.
Asset management fell to £382.1bn from £389.8bn while wealth management was £1.9bn lower at £44bn.
Schroders did not provide further details but Paul McGinnis, an analyst at Shore Capital, said the fall was driven by market movements. The FTSE 100 index fell 8% in the first quarter as volatility returned to markets.
McGinnis said: "The actual market movements figure will almost certainly have been negative in Q1 and we would estimate perhaps a small positive for net flows."
He said the figure for assets under management was slightly behind the rate needed to meet his full-year forecast for Schroders but that this was to be expected after a difficult first quarter.
Schroders' assets under administration increased to £12bn from £11.3bn taking combined assets under management and administration to £438.1bn from £447bn.