Schroders Pre-Tax Profit Doubles Amid Nuveen Acquisition

Operating income climbed 20 percent to £1.455 billion, bolstered by market movements and favorable currency shifts. While total assets under management rose 12 percent to £867.8 billion, the underlying performance revealed mixed results. Excluding joint ventures, the firm faced net outflows of £8.3 billion, driven largely by a £6.6 billion institutional mandate exit. However, the group’s private wealth arm, Cazenove Capital, provided a buffer by generating £1.9 billion in net new business during the second quarter alone.

Efficiency gains also defined the half-year results. Schroders reported £13 million in net savings, putting the firm within reach of its three-year £150 million cost-reduction target. As the acquisition by TIAA subsidiary Nuveen looms, the firm is aggressively positioning its wealth division. Plans include an increased graduate intake and a push to secure more high-net-worth clients, ensuring the brand remains a dominant fixture in the City before the transition to new ownership.