Schroders H1 adjusted operating profit
Schroders has posted adjusted operating profit of £459.8m ($618.3m) for the first half of 2026 (H1 2026), compared with £316m in the same period a year earlier.
Pre-tax profit came in at £396.8m, up from £196.9m in H1 2025, after accounting for items outside adjusted operating profit, mainly acquisition-related charges, transformation costs and costs linked to the Nuveen transaction.
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Adjusted net operating income increased to £1.4bn from a year earlier, supported by higher assets under management.
Schroders attributed the increase to underlying financial performance and lower portfolio simplification and transformation costs than in the first half of 2025.
Assets under management (AUM) stood at £867.8bn on 30 June 2026, up from £823.7bn at the end of 2025.
The increase reflected market gains, favourable foreign exchange movements and investment performance, partly offset by net disposals and net outflows.
Gross inflows totalled £69.3bn, against £68.2bn in H1 2025.
Net outflows excluding JVs and associates were £8.3bn, including a £6.6bn low-margin institutional net redemption.
Net outflows including JVs and associates were £4.2bn.
Schroders had delivered more than 98% of the £150m annualised cost savings target set in March 2025 and expected to complete the programme in the second half of 2026.
In wealth management, Schroders announced the agreed sale of Benchmark, its UK financial advice business. It said the division would then focus on Cazenove Capital in the UK and Schroders Wealth Management internationally.
The company also finished its exits from Brazil and Indonesia in the first half. In China, it transferred the funds from its wholly owned fund management company to a third party.
During the period, shareholders approved the recommended cash acquisition of Schroders by Nuveen, with support of more than 99%. The deal is still subject to regulatory approvals and is expected to close in the fourth quarter of 2026.
The transaction would combine the two businesses into a global active asset manager with about $2.5tn in assets under management.
The company said its adjusted cost-to-income ratio had fallen below 70% within the first 18 months of its three-year plan.
Schroders Group CEO Richard Oldfield said: “We end the first half of 2026 with record AUM of £867.8 billion, alongside double-digit revenue growth, driven by a supportive market environment, positive FX movements and investment performance. We are seeing strong sales in many areas of our business and positive client sentiment towards our proposed combination with Nuveen.
“Although markets will remain unpredictable, our focus will be on continued execution of our strategic priorities, delivering improved, sustainable growth, and we are excited about the future potential of the combined business.”
