The wealth management division saw the most immediate and dramatic impact from the acquisition, with revenue rising 90% from £26.5 million in the same period of the year before.
By comparison, the asset management division saw revenues increase a total 6% on the same period of the year before, from £289.8 million to £306.2 million. Group profit for the three months rose from £115 million in 2013 to £130 million.
At 8.20, shares in Schroders were up 1.72% at £26.09.
Profit before tax attributed to the wealth division rose 171% from £4.9 million to £13.3 million. That appeared to reflect significant efficiency gains, far outstripping marginal asset growth from £30.1 billion to £30.2 billion, although the company gave no further update on potential job losses.
Total assets under management within the group business rose to £268 billion following strong net growth in its intermediary business, which delivered £2.8 billion in new assets.
‘2014 has started well for Schroders, with £3.8 billion of net new business wins across multi-asset, equities and fixed income,’ said Michael Dobson, group chief executive (pictured).
‘We had a strong quarter in Intermediary with high levels of net inflows in Europe and the UK although, with markets facing a number of uncertainties, retail investor demand may reduce in the short term.’
Bank of America Merrill Lynch reiterated its buy rating on the stock. ‘The Q1 flows underline Schroders strength,’ said analyst Philip Middleton.