Schroders CEO says Europe Q1 retail demand strong
LONDON May 1 (Reuters) - The chief executive of UK fund manager Schroders said on Thursday that retail demand for its mutual funds had been particularly strong in continental Europe this year, helping it post record assets under management.
That demand, of around 1.7 billion pounds ($2.87 billion) in net new money, was complemented by around 700 million pounds in new money from clients in the UK and positive inflows in both Asia and the United States, he said.
The bulk of the 2.8 billion pounds in new retail money went into its equity funds, Michael Dobson told Reuters in an interview.
Dobson said the company had enjoyed a particularly strong performance in its wealth management unit, which saw revenues jump 90 percent and profits rise 170 percent after the integration of Cazenove Capital last July.
Looking ahead, however, Dobson said he was focused on growing the business organically. ($1 = 0.5922 British Pounds) (Reporting by Simon Jessop Editing by Chris Vellacott)
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