The steepest increase was seen in the Wealth Management division, where net revenue was up 90% at £50.3m following the acquisition of Cazenove Capital in July, compared to £26.5m in the same quarter last year.
Profits before tax and exceptional items leaped 171% from £4.9m in the first quarter last year to £13.3m. Assets under management at the end of March were £30.2bn, slightly up from £30.1bn posted 31 December 2013.
As a whole, the business posted a profit of £130.7m, compared to £115m in the same period last year. Net inflows of £3.8bn brought assets under management to a record high of £268.0bn.
“2014 has started well for Schroders, with £3.8bn of net new business wins across multi-asset, equities and fixed income, taking assets under management to a record £268bn,” chief executive Michael Dobson said.
“We had a strong quarter in Intermediary with high levels of net inflows in Europe and the UK although, with markets facing a number of uncertainties, retail investor demand may reduce in the short term.”
He added: “In Institutional, we see a wide range of opportunities with a good pipeline of business we have won but which has not yet been funded including £12.2bn from Friends Life, as announced in March.”
