- Schroders
- 06 March 2025 09:23:08
Source: Sharecast
Schroders said it will look to deliver £150.0m of annualised net cost savings over the next three years and claims it has already delivered £20.0m worth of savings in Q124.
The FTSE 100-listed group will also look to stabilise revenues in public markets, generate cumulative net new business of £20.0bn in Schroders Capital, and achieve a net new business rate in its Wealth Management arm of 5-7% of opening assets under management per year. Schroders said this will reduce its adjusted cost:income ratio from 75% to less than 70%.
Schroders also revealed profits had fallen 3% in FY24 to £640.5m due to higher operating expenses, lower performance fees and reduced returns from joint ventures and associates.
Assets under management ticked up 4% to £778.8bn, while net operating revenues, excluding performance fees and net carried interest, were up 2% at £2.29bn. Statuatroy pre-tax profits were 14% stronger at £558.1m.
Chief executive Richard Oldfield said: "We will re-focus on our considerable areas of strength and have a firm grip on our challenges. Our transformation plan is underway, and will benefit not just our shareholders, but also our people and, most importantly, our clients. We have a strong balance sheet and will deploy our resources and capital rigorously."
As of 0920 GMT, Schroders shares were up 2.61% at 761.60p.
Reporting by Iain Gilbert at Sharecast.com