Schroders wächst 2016 um 27 Prozent
Schroders hat das Geschäftsjahr 2016 mit einem neuen Rekord bei den Assets Under Management (AUM) abgeschlossen. Das verwaltete Vermögen stieg zum Bilanzstichtag 31. Dezember 2016 auf 397,1 Milliarden britische Pfund. Ende 2015 hatte der Wert noch bei 313,5 Milliarden gelegen, was einen Zuwachs von 27 Prozent in nur einem Jahr bedeutet.
Der Wachstumskurs des britischen Vermögensverwalter erstreckte sich stetig über das Gesamtjahr 2016. Allein zwischen Oktober und Dezember 2016 stieg das verwaltete Vermögen ausgehend von 375,0 Milliarden britischen Pfund um sechs Prozent auf 397,1 Milliarden. „Sowohl das Gesamtunternehmen als auch unsere Geschäftsaktivitäten in Deutschland und Österreich verzeichnen eine substanzielle Aufwärtsentwicklung“, erläutert Achim Küssner, Geschäftsführer der Schroder Investment Management GmbH. „Dabei zeichnet Schroders aus, dass wir sowohl in der Breite als auch in puncto Qualität hervorragende Lösungen offerieren können, was uns zum bevorzugten Partner für eine immer weiter steigende Anzahl von Anlegern macht. Das belegt auch unsere Performance, denn 74 Prozent aller Schroders-Produkte haben ihre Benchmark oder ihre Vergleichsgruppe innerhalb von drei Jahren übertroffen.“
„2016 war ein gutes Jahr für Schroders, wir konnten das Ergebnis vor Steuern und außerordentlichen Aufwendungen um sechs Prozent auf 644,7 Millionen britische Pfund erhöhen“, kommentiert Peter Harrison, Group Chief Executive von Schroders. „Eine starke Wertentwicklung unserer Anlagen, positive Nettomittelzuflüsse und strategische Akquisitionen haben zu der Steigerung des verwalteten Vermögens geführt.“ Im übrigen äußerte sich Schroders, ganz der britischen Tradition verpflichtet, auf Englisch.
Management Statement: Schroders zieht Bilanz
Schroders had a good year in 2016, despite the headwinds facing the Asset Management industry. Our results are testament to the strength of our diversified business model and our client-centric approach across the business. Net income, profit and assets under management and administration reached record levels.
Net operating revenue increased seven percent to 1.712,8 million £ (2015: 1.600,7 million) and net income increased by eight percent to 1.789,7 million £ (2015: 1.656,3 million). Profit before tax and exceptional items rose by 6percent to 644,7 million £ (2015: 609,7 million) and profit before tax grew five percent to 618,1 million £ (2015: 589 million).
Schroders generated 1,1 billion £ of net new business during the year, with continued demand from institutional clients offsetting outflows from Intermediary and Wealth Management clients. The company also continued to invest in the future growth of the business and we entered into a number of strategic relationships and completed three acquisitions.
Acquisitions increased our assets under management by 6,7 billion £, and resulted in a new category of client assets with 11,1 £ billion of assets under administration introduced through the acquisition of Benchmark Capital. Benchmark Capital is a technology-led, high-quality adviser support business based in the UK, which has the potential to significantly enhance the service we provide to UK intermediary and wealth management clients. To reflect this change to the business, we have updated the relevant key performance indicator to assets under management and administration.
The weakness of sterling increased assets under management and administration by approximately 42 billion £. Assets under management and administration at the end of the year reached 397,1 billion £ (31. December 2015: 313,5 billion).
Asset Management net operating revenue was up seven percent to 1.489,5 million £ (2015: 1.393,4 million), including performance fees of 38,8 million £ (2015: 35,7 million). Profit before tax and exceptional items rose six percent to 572,4 million £ (2015: 540,5 million) and profit before tax increased five percent to 553,9 million £ (2015: 528,4 million). Investment performance remained strong with 74 percent (2015: 72 percent) of assets outperforming their benchmark or peer group over three years. Over a five year period, the outperformance figure was 85 percent (2015: 76 percent).
The net operating revenue margin, excluding performance fees, was 46 basis points (2015: 49 basis points). The reduction in margin was due to both changes in business mix and some fee pressure. The net operating revenue margin in the institutional channel was 32 basis points (2015: 34 basis points) and in the Intermediary sales channel was 73 basis points (2015: 74 basis points).
We generated net new business of 1,4 billion £ in 2016. Net inflows of 4,3 £ billion were generated in the Institutional sales channel, predominantly in multi-asset and fixed income products and from clients in North America and the UK. Assets under management in the Institutional sales channel at the end of December were 226,3 billion £ (31. December 2015: 181 billion).
Macro uncertainty and volatile markets impacted demand in the Intermediary sales channel and we saw net redemptions of 2.9 billion £, predominantly from Equity products. Assets under management in the Intermediary sales channel at the end of December were 120,1 billion £ (31. December 2015: 100,9 billion).
Schroders has entered into a number of strategic relationships this year. These are aligned with our strategic priorities and will deepen our investment expertise or expand the scope of our distribution. In North America, a key area of strategic growth, we entered into a relationship with Hartford Funds to manage and distribute a ‘Hartford Schroders’ branded fund range to intermediary clients in the US. The fund range launched in late October and we have already seen positive client momentum. Schroders also strengthened our investment presence in the region with the acquisition in September of a securitised credit team in New York.
As many of our clients have begun to seek higher returns away from traditional asset classes and towards private markets, we have expanded our capabilities in this area. In March, we made an investment in NEOS Finance Group (NEOS), acquiring a 25 percent stake in the specialist Dutch direct lending firm. NEOS provides institutional investors with access to a debt financing platform for small and medium sized enterprises.
Net flows in early 2016 were impacted by clients’ preference for private assets after limited market returns in previous years and also for property in the UK. There were total net outflows of 0,3 billion £. Benchmark Capital is now included as a separate division within Wealth Management and increased assets under management and assets under administration by £3.4 billion and 11,1 billion £ respectively. Wealth Management assets under management and administration at the end of the year were 50,7 billion £ (31 December 2015: 31,6 billion).
In October, we announced that we had reached an agreement to acquire the discretionary assets under management of C. Hoare & Co. This deal completed on 17. February 2017 and around 1,800 clients representing approximately 2,3 billion £ of assets migrated to the Schroders platform.
The Group segment comprises returns on investment capital, including seed capital deployed in building a track record in new investment strategies, and central costs. Profit before tax and exceptional items for the year was 5,9 million £ (2015: 7,9 million) and profit before tax was 7,9 million £ (2015: 0,1 million). Shareholders’ equity at 31 December 2016 was 3,2 billion £ (31 December 2015: 2,8 billion).
Consistent with our policy, the Board will recommend to shareholders at the Annual General Meeting an increase in the final dividend of 10percent, taking the final dividend to 64 pence (2015: 58 pence). This will bring the total dividend for the year to 93 pence (2015: 87 pence), an increase of seven percent. The final dividend will be paid on 4. May 2017 to shareholders on the register at 31. March 2017.
As a company that remains focused on building sustainable growth for the long term, we have chosen to amend our reporting timetable. We will no longer publish full financial results in the first and third quarter, but will now provide the market with an update on assets under management and administration. We will continue to provide financial results for the full year and half year. We plan on holding an investor day in early October.
The year has started well, but we are mindful of industry headwinds and that market returns remain difficult to predict. This is likely to weigh on client demand, particularly within the Intermediary sales channel, and create volatility in flows in the medium term. Conversely, amongst institutional clients, we see a pipeline of business which is focused on long-term asset allocation to meet their specific investment needs.
Despite the challenges faced by the industry, we remain well placed to continue to build future growth with a highly diversified business model, a strong financial position and the willingness to invest behind the business.
07.03.2017 | 12:36