LONDON, May 2 (Reuters) - British asset manager Schroders on Thursday posted a 4.2 percent rise in first-quarter assets to 424.4 billion pounds ($553.50 billion), caused by increases to its funds managed on behalf of institutional clients.
Total institutional funds rose to 252.3 billion pounds from 242.3 billion pounds in the three months to end-March, it said in a statement. Assets from retail clients and its wealth management unit also increased.
The percentage of increase in assets derived from market movements and that from net inflows of new client cash was not disclosed.
Over the period, Britain’s FTSE 100 rose 8.2 percent, clawing back some of the 10.4 percent loss in the fourth quarter of 2018.
$1 = 0.7668 pounds Reporting by Simon Jessop Editing by Rachel Armstrong