Q1 2026 Update

Schroders PLC

16 April 2026

 

Q1 2026 update: market turbulence offsets early positive flow momentum

16 April 2026

Total Group assets under management (AUM) ended the period at £814.4 billion.

Net new business (NNB), excluding joint ventures (JVs) and associates, for the first quarter was £(2.2) billion. NNB including JVs and associates for the first quarter was £(1.1) billion.

Richard Oldfield, Group Chief Executive, said

"Our performance in the first quarter of 2026 reflected the shift in market conditions as the period progressed. In January and February, demand trends from late 2025 continued, with strong intermediary net flows into our Public Markets strategies, while Group AUM was buoyed by strong markets. In March we saw a reversal of these trends. As tensions escalated in the Middle East, client sentiment shifted to a more risk-off stance amid heightened geopolitical uncertainty. We continue to focus on supporting clients as they navigate these conditions.

"We remain focused on our controllable cost base, whilst continuing to invest in areas of strength. Since the start of the year, we have successfully transitioned out of our operations in Brazil and Indonesia and expanded outsourcing with our strategic partner, UST. Six months after launch, our European Active ETF range has built strong momentum, ranking highest for net new business into European Active ETFs in the first quarter, alongside continued progress towards further international ETF expansion."

£bn	31 December 2025	Net flows (NNB)	Investment returns, FX and other1	Acquisitions/ closures3	31  March 2026
Public Markets	533.1	(2.8)	(2.4)	(1.9)	526.0
Schroders Capital	72.6	0.3	0.5	-	73.4
Asset Management	605.7	(2.5)	(1.9)	(1.9)	599.4
Cazenove Capital and other Wealth	85.3	0.1	(1.0)	(0.6)	83.8
Benchmark	38.6	0.2	(2.1)2	0.2	36.9
Wealth Management	123.9	0.3	(3.1)	(0.4)	120.7
Total excl. JVs and associates	729.6	(2.2)	(5.0)	(2.3)	720.1
JVs and associates	94.1	1.1	(0.9)	-	94.3
Group total	823.7	(1.1)	(5.9)	(2.3)	814.4

¹Includes currency movements, which increased Group AUM by £6.5 billion (£5.5 billion excluding JVs and associates). ²Includes £(1.5) billion relating to a change in AUM recognition within Benchmark. ³Acquisitions/closures includes withdrawals from capabilities, geographies and client services in order to simplify and scale the business. In Asset Management, this includes the exit of operations in Brazil and Indonesia. In Wealth Management, this reflects the optimisation of a small number of portfolios and an acquisition in Benchmark.

​
Asset Management

Asset management AUM ended the period at £599.4 billion, as a result of negative market impact and NNB of £(2.5) billion.

In Public Markets, we saw positive net flows for the first two months of the year. However, these were more than offset by net outflows in March.

At an asset class level, we saw demand for income-generating capabilities, resulting in net inflows of £1.8 billion in fixed income and £1.2 billion in multi-asset. In particular, global corporate bonds and Asian multi-asset strategies drew strong intermediary net inflows. In equities, the first two months of the year saw modest outflows. In March, equity redemptions were elevated across strategies, with total equity NNB of £(4.9) billion for the quarter. In core solutions, NNB was £(0.9) billion, predominantly driven by the run-off of a lower revenue margin mandate and short-term operational cash flow movements.

In Schroders Capital, NNB was £0.3 billion. We saw net inflows in each of private equity, private debt and credit alternatives and infrastructure. These were offset by outflows from real estate. Together with £0.2 billion of net flows from Future Growth Capital, which is included in JVs and associates, Schroders Capital delivered £0.5 billion of NNB.

Asset Management AUM - by asset class

£bn	31 December 2025	Net flows (NNB)	Investment returns, FX and other	Acquisitions/ closures1	31  March 2026
Equities	225.1	(4.9)	(0.8)	(1.0)	218.4
Fixed income	87.0	1.8	0.2	(0.5)	88.5
Multi-asset	102.4	1.2	(0.7)	(0.4)	102.5
Core solutions	118.6	(0.9)	(1.1)	-	116.6
Private markets	72.6	0.3	0.5	-	73.4
Asset Management	605.7	(2.5)	(1.9)	(1.9)	599.4

¹Acquisitions/closures include the exit of operations in Brazil and Indonesia.

JVs and associates returned to net inflows at the start of the year with £1.1 billion of NNB, compared to £(8.5) billion in the first quarter of 2025. The largest contribution came from our fund management venture with Bank of Communications China.

Asset Management AUM - by channel

£bn	31 December 2025	Net flows (NNB)	Investment returns, FX and other	Acquisitions/ closures1	31  March 2026
Intermediary	141.9	1.9	-	(0.5)	143.3
Institutional	463.8	(4.4)	(1.9)	(1.4)	456.1
Asset Management	605.7	(2.5)	(1.9)	(1.9)	599.4

¹Acquisitions/closures include the exit of operations in Brazil and Indonesia.

​Wealth Management

Wealth Management AUM ended the period at £120.7 billion. In Cazenove Capital and other Wealth, demand from UK private clients remained robust, albeit flows were impacted by the usual significant seasonal tax-related redemptions in January. Client engagement was a key focus during the quarter, with closer collaboration to support their needs through market volatility and an evolving tax environment. In Benchmark, we continue to make selective inorganic acquisitions to expand our adviser network. Overall, net flows in the first quarter were £0.3 billion. 

Recommended all-cash offer for the combination of Nuveen and Schroders

On 12 February 2026 the boards of Schroders and Nuveen announced that they had reached agreement on the terms of a recommended cash acquisition of Schroders by PANTHEON, LLC ("Bidco") a newly incorporated subsidiary of Nuveen, LLC ("Nuveen"), a Teachers Insurance and Annuity Association of America ("TIAA") company by way of a Scheme of Arrangement. The Scheme will require the approval of Scheme Shareholders at the Court Meeting and Schroders Shareholders at the separate General Meeting, both of which, together with the Annual General Meeting, will be held at 1 London Wall Place, London, EC2Y 5AU, later today, 16 April 2026.

For further information, please contact:

Investor Relations
Simonetta Hofstetter	[phone]	[e-mail]
Katie Wagstaff	[phone]	[e-mail]

Global Corporate Communications and Media
Julie Foster	[phone]	[e-mail]
Andy Pearce	[phone]	[e-mail]

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Forward-looking statements: The information provided in this document has not been subject to audit. This announcement and the Schroders website may contain forward-looking statements with respect to the financial condition, performance and position, strategy, results of operations and businesses of the Schroders Group. Such statements and forecasts involve risk and uncertainty because they are based on current expectations and assumptions but relate to events and depend upon circumstances in the future; you should not place reliance on them. Without limitation, any statements preceded or followed by or that include the words 'to deliver', 'targets', 'plans', 'sees', 'believes', 'expects', 'aims', 'confident', 'will have', 'will be', 'will ensure', 'likely', 'estimates', 'foresee' or 'anticipates' or the negative of these terms or other similar terms are intended to identify such forward-looking statements. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by forward-looking statements and forecasts. Forward-looking statements and forecasts are based on the Directors' current view and information known to them at the date of this statement. The Directors do not make any undertaking to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Nothing in this announcement or on the Schroders website should be construed as a forecast, estimate or projection of future financial performance.

 

END