In the third quarter of 2024, Schroders recorded £2.3bn of outflows across the group, according to its latest update.
Despite this, Schroders saw assets under management reach a new high of £777.4bn.
While Schroders’ wealth management arm saw inflows of £1bn, there were outflows of £700mn in the asset management arm.
It warned there will be further withdrawals from asset management as the firm has been notified £8bn is set to be withdrawn from the legacy Scottish Widows mandate in the final quarter of the year.
This will be joined by losses of around £2bn from three other institutional clients.
Chief financial officer, Richard Oldfield, said positive net flows in the first nine months of the year of £1.6bn were partly driven by the firm’s “diverse client proposition”.
He added in the third quarter this was notably helped by wealth manager Cazenove Capital, part of the Schroders group.
In September it was announced Oldfield will step up to become chief executive. He is expected to officially take over from Peter Harrison on Friday (November 8).
Oldfield said: “As the new group CEO, I will be leading a business with a strong investment franchise, deep client relationships, exceptional talent and significant potential for profitable growth.
“I will do what is necessary to deliver on this potential. Standing still is not an option for Schroders in today's fast-changing market landscape. We must focus to grow, build greater commercial discipline and drive efficiencies through simplification and flawless execution.”
tara.o'connor@ft.com
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