- Schroders AUM rise to 700.4 billion pounds ($977.7 billion)
- Money manager reports net new business of 17.9 bln stg
- Tug of war between inflationary fears and growth worries – CEO
July 29 (Reuters) – Low interest rates are bolstering money managers like Schroders (SDR.L), its chief executive said on Thursday as the British firm posted a jump in first-half profits and record high assets under management of 700.4 billion pounds ($977.7 billion).
The low rate environment has been a major driver of flows into equities while competing assets of cash or fixed income were “very unattractive”, CEO Peter Harrison told Reuters.
Robust investor sentiment amid trillions of dollars in government stimulus has also helped, with Schroders saying demand for its mutual funds and higher margin equity products increased.
“Savings rates are higher but many of the…