Schroders PLC (LON:SDR) was the top FTSE 100 gainer on Thursday as the asset manager posted strong full-year results, boosted by market gains, acquisitions and inflows of fresh client money.
The blue-chip firm reported a 23% jump in 2017 pre-tax profit to £760.2mln, up from £618.1mln and above the consensus forecast for £728.5mln.
READ: Schroders achieves record assets under management in third quarter
The group’s total funds under management increased by 13% to £447bn by the end of 2017, up from £395.3bn in 2016, boosted by £9.6bn of net new business.
The firm highlighted good demand from Japan and North America, although a stronger pound in the second half of the year reduced its assets by £12bn.
The rise in assets was helped by a strong investment performance, which had also helped drive assets at rival wealth managers including St James’s Place PLC (LON:STJ), Man Group PLC (LON:EMG), and Jupiter Fund Management PLC (LON:JUP) this week.
Peter Harrison, Schroders’ group chief executive, said. "We have continued to see good progress in a number of key strategic areas, with the expansion of our investment capabilities in private assets, an improvement in Wealth Management and strong underlying momentum in North America,"
The firm hiked its final dividend by 23% to 79p a share, giving a total full-year payout of 113p a share, up 22% on 2016.
In early morning trading, Schroders shares were up 2.,5% at 3,536p.