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."

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.

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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

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

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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

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.

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