As well as posting healthy results for 2024, the firm has a "transformation plan" underway for benefiting its shareholders, people and clients.

UK investment manager Schroders reported profit before tax of £558.1 million ($721 million) in 2024, up 14 per cent on the previous year, and a 4 per cent rise in assets under management, reaching £778.7 billion, driven partly by its wealth management business.

Net operating revenue excluding performance fees and net carried interest was up 2 per cent to £2,294.3 million on last year’s levels, with strong performance in wealth management and Schroders Capital, the firm said in a statement.

Schroders said that the strength of its wealth management business was a key driver of its resilient results for 2024. Amidst macroeconomic uncertainties including electoral change and the Autumn Budget in the UK, its teams partnered with clients through the provision of advice and/or investment management.

As a result of its regional strategy to extend its Cazenove Capital offering to business owners and high net worth individuals, Schroders said it is supporting new clients across the UK market, for example partnering with entrepreneurs as they complete liquidity events.

The firm generated net new business (NNB) of £6.3 billion in the wealth management business last year, with Cazenove Capital, the high net worth wealth management arm of Schroders in the UK, contributing £4 billion. In October, the firm announced the acquisition of Whitley Asset Management, signalling its commitment to extending Cazenove Capital’s franchise with UK ultra-high net worth families, successful business owners and charities.

Over the next three years, the firm aims to deliver £150 million of annualised net cost savings, with £20 million of run-rate savings already delivered in the first quarter of 2025. It plans to generate cumulative NNB in Schroders Capital of £20 billion and achieve a NNB rate in wealth management of 5 per cent to 7 per cent of opening assets under management annually. The board also proposes an unchanged final dividend of 15.0 pence per share.

The firm highlighted wealth management as an important source of value creation for the group, with three strongly positioned businesses covering the wealth spectrum: Cazenove Capital, Schroders Personal Wealth, its joint venture with Lloyds Banking Group, and Benchmark.

It recently appointed Oliver Gregson as CEO of wealth management. Gregson, who will be joining in June, brings market experience and will drive the next phase of growth for these businesses, Schroders said.

The firm’s strategy for wealth management is to grow its senior client team, make further selective acquisitions, and upgrade its technology platform.

“Today, we are setting out a clear plan to return to profitable growth, with ambitious new three-year targets,” Richard Oldfield, group chief executive, said. "We will re-focus on our considerable areas of strength and have a firm grip on our challenges. Our transformation plan is underway, and will benefit not just our shareholders, but also our people and, most importantly, our clients. We have a strong balance sheet and will deploy our resources and capital rigorously."