Schroders PLC on Thursday held its interim dividend unchanged, amid a mostly steady performance in the first half of the year.

The London-based asset and wealth manager declared a 6.5 pence per share payout, unchanged from a year before.

This came as Schroders reported pretax profit of £276.3 million in the six months that ended June 30, up slightly from £275.6 million a year before. The firm profit was achieved despite net operating income edging down to £1.18 billion from £1.21 billion.

Operating expenses of £860.2 million were reduced by 1.2% from £870.5 million a year before. Schroders said this was thanks to efficiency initiatives taken in 2023.

Assets under management totalled £773.7 billion on June 30, up 6.6% from £726.1 billion a year before. The company credited £3.9 billion in net new business, together with positive markets and its own investment performance. Within Wealth Management, net new business was £3.7 billion, representing an annual growth rate of 7%.

Schroders said its Solutions business suffered a large client outflow but secured some ‘strong wins’ and mandate extensions.

‘As we look to the next six months, we will remain focused on delivering strong investment outcomes for clients, maintaining good cost discipline and continuing to innovate, using new technology and strategic partnerships such as the launch of Future Growth Capital with Phoenix Group [Holdings PLC], to maintain our leadership position as a global asset manager,’ Chief Executive Peter Harrison said.

The partnership with long-term savings and retirement firm Phoenix Group is to form a new UK private markets investment manager, which aims to deploy £10 billion to £20 billion in investor funds into private markets over the next decade.

Schroders shares were down 8.5% to 359.40 pence midday Thursday in London.

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