Schroder Private Bank, the private banking business of Schroders Investment Management, one of the UK’s largest fund managers, had a good ye...
Schroder Private Bank, the private banking business of Schroders Investment Management, one of the UK’s largest fund managers, had a good year in 2004, according to its results, which were released yesterday.
The private bank saw a £700 million net inflow of money in 2004, compared with an outflow of £400 million in 2003. Overall, funds under management at the end of 2004 came to £6.3 billion, compared with £5.4 billion in 2003.
Sally Tennant, who heads the private bank, told WealthBriefing the improved performance in asset gathering was due to a number of factors. “We have built up strong relations with intermediaries, especially in the UK,” said Ms Tennant. “The growth of the family office business, particularly in Switzerland also bolstered performance.”
An “enhanced offering” to private banking clients has also underpinned the improved results. During the last few years Schroders has moved away from a traditional equity-based fund manager to adapt to growing alternative asset classes like hedge funds, private equity and property. At the private bank, this has been overlaid with open architecture and varying investment styles to maximize returns, but at low risk, according to Ms Tennant.
“We have a much more enhanced offering today then three years ago when I was appointed to run the private bank.”
Links with intermediaries have been bolstered by the opening of a Birmingham office.
The private bank has also built up a structured products business; last year Schroders recruited a team of structured product experts from Kleinwort Benson Private Bank.
And for the future? “More of the same…to continue building upon the strong platform,” said Ms Tennant. “I’m confident of the future.”