Schroders grows institutional assets, as retail struggles to keep up
Schroders yesterday posted a 0.7 per cent increase in assets under management since the beginning of the year.
The growth was fuelled by a 1.7 per cent increase in institutional assets, as total assets under management rose to £449bn.
Read more: Lloyds to put £13bn wealth unit into joint venture with Schroders
The rise in institutional assets was in part offset by a 1.4 per cent drop in retail assets, decreasing to £132bn on 30 September.
Assets under management rose to £392bn, a £2.5bn increase since January, but a jump of four per cent – almost £13bn – in the past year.
Schroders is in talks with Lloyds over a potential new collaboration in wealth management.
The deal would see the bank merge its £13bn wealth management wing into the new joint venture.
Lloyds would reportedly be able to use Schroder’s technology and investment capacity for its own customers as part of the agreement.
Read more: Hargreaves Lansdown warns of 'industry-wide slowdown'
Meanwhile, Lloyds-owned pensions provider Scottish Widows will sign a £109bn investment management contract with Schroders.
Last week, Hargreaves Landsdown warned that an “industry-wide slowdown” was hitting its business, despite the company posting a £2.5bn increase in assets.