Schroders posts record results as intermediary inflows hit £3.8bn

Multi-asset and equity products have driven net intermediary inflows of £3.8bn for Schroders in the first half of 2014, prompting a 50% hike in the group's interim dividend.

Profit before tax was up 6% compared to the first half last year at £234m, while total assets under management increased 15% to stand at £271.5bn; total net inflows into the business were £4.8bn. Meanwhile, the integration of the wealth management business of Cazenove Capital helped net profits more than double in this segment, up from £10.6m to £26.3m, and AUM nearly doubled from £17bn to £31bn. Schroders has also hiked its interim dividend by 50%, up from 16p per share last year to 24p, following in the footsteps of peer Jupiter Asset Management, which reported its results yesterday...