Schroders sees AUM drag from asset management division

Lack of new business

Schroders saw no net new business in its asset management division in the first half of 2018 due to outflows from the intermediary arm.

In its results for the six months to 30 June, the firm said AUM in the asset management division fell slightly from £389.8bn at the end of 2017, to £389.3bn.  Gross inflows of £48.9bn from institutional clients were offset by outflows in the intermediary sales channel, particularly in North America and Asia Pacific.  Schroders manager Steve Cordell to leave firm The results said: "The institutional sales channel saw strong demand from clients in North America and Latin America, offset by outflows in continental Europe and Australia. There were net inflows into multi-asset and priva...