Schroders (SDR) Q1 2025 TU earnings summary

Executive summary

• Positive net flows of £1.1 billion excluding JVs and associates, mainly in Wealth Management and Schroders Capital, despite challenging market conditions.

• Group AUM at £758.4 billion as of 31 March 2025, down from £778.7 billion at year-end, primarily due to adverse currency movements and outflows from JVs and associates.

• Transformation initiatives underway, focusing on cost control, investment in key areas, and simplification to drive profitable growth.

Financial highlights

• Group net flows for Q1 2025 were £(7.4) billion, with positive £1.1 billion net flows excluding JVs and associates.

• Currency movements reduced AUM by £9.4 billion; AUM excluding JVs and associates stood at £653.7 billion.

• Net flows into JVs and associates were £(8.5) billion, mainly due to money market outflows in China.

Outlook and guidance

• Management remains focused on transformation, cost discipline, and investing in core strengths to return to profitable growth.

• Enhanced disclosure and a new adjusted operating profit measure will be introduced at half-year results for greater transparency.