16th Apr 2020 10:19
(Alliance News) - Schroders PLC on Thursday said assets under management shrank in the first quarter of 2020 though added its business had proven "resilient" in the face of "extreme market volatility".
The asset and wealth management group reported assets under management of GBP470.5 billion as at March 31, a 5.9% drop from GBP500.2 billion at the end of 2019.
Gross inflows totalled GBP60.1 billion while gross outflows amounted to GBP29.7 billion, giving net flows of GBP30.4 billion. Investment returns, meanwhile, fell by GBP60.1 billion.
Chief Executive Peter Harrison said: "During this period of extreme market volatility and social and economic uncertainty, the business has proven to be resilient."
Harrison added: "As an investor in many companies we remain actively engaged in supporting business through these extraordinary times with the aim of protecting the long-term interests of all stakeholders. We are committed to supporting our clients, colleagues and the wider community throughout the current Covid crisis. We are not seeking any government assistance globally, nor are we furloughing any employees or enacting any related redundancy programmes."
Harrison further stated that the company's "strategy of maintaining a strong capital position allowing investment in our business through the market cycle" has not altered in the case of the pandemic and the firm is still confident in generating long-term value for clients share shareholders.
The company will hold its annual general meeting on April 30. Only three employee shareholders will attend due the the UK government's stay at home measures. Shareholders ave been asked to vote by proxy.
Shares in Schroders were up 2.0% at 2,457.00 pence in London on Thursday morning.
By Anna Farley; [email protected]
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