|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||2,973.00 - 3,018.00|
|52 Week Range||1,711.00 - 3,465.00|
|Beta (5Y Monthly)||1.14|
|PE Ratio (TTM)||17.03|
|Earnings Date||Jul. 30, 2020|
|Forward Dividend & Yield||1.14 (3.86%)|
|Ex-Dividend Date||Mar. 26, 2020|
|1y Target Est||3,276.00|
(Bloomberg) -- Schroders Plc snapped up debt earmarked for environmental and social projects during the global markets rout in March. The asset manager is growing a new European fund focused on sustainable debt, expecting an increase in issuance from banks, real estate, infrastructure and health care.Green bonds sold off just as much as other debt during the panic caused by economic shutdown and oil’s collapse, creating an opportunity to buy, according to Saida Eggerstedt, head of sustainable credit at Schroders, which oversees about $660 billion in assets globally.“All bonds were sold off or they were marked down and I utilized this to increase the quota of green bonds in the fund,” said Frankfurt-based Eggerstedt in a May 6 interview.Bonds earmarked for sustainable purposes had been expected to be more resilient in a downturn, and investors prefer not to sell them. However, the swift March slump followed unprecedented economic lockdowns and an oil collapse, leaving portfolio managers scrambling for liquidity. The Bloomberg Barclays Euro Green Bond Index fell as much as 7%, close to the 7.3% drop seen in the corporate euro debt benchmark, according to data compiled by Bloomberg.Schroders dived in to purchase CPI Property Group SA’s 1.625% bonds due 2027, Prologis Euro Finance’s 0.375% bonds due 2028, Digital Dutch Finco BV’s 1.5% bonds maturing 2030 and Klabin Austria’s 7.0% bonds due 2049, among other debt, said Eggerstedt. Even though markets have since pared losses, there may still be opportunities in cyclical names, especially if the recession isn’t deep. she said.“We have to find names which have been beaten up, maybe fallen angels, that have good management and a long-term business plan that it can whether the sell off,” said Eggerstedt.Schroders launched a new sustainable European credit fund in December with about 25 million euros in capital and plans to expand it substantially, said Eggerstedt, who joined the firm in August. Green bonds make up about 30% of the sustainable assets in the fund, she said.“There is no limit to how big the fund can be,” said Eggerstedt. “The crisis has shown us that there is a need for social projects which need financing. You also need energy efficiency and efficiency in all aspects of life, which means there will be more green bonds.”Schroders is hoping its performance track record will lure more investors into the fund as the broader sustainable market advances. That may, however, take a while because “many investors think sustainability and performance do not go together,” said Eggerstedt.Schroders is also buying newly issued green and social debt from companies and governments. It bought Analog Devices Inc.’s $400 million green debt in early April, NXP Semiconductors NV’s offering that included a 10-year green tranche, Madrid’s 700 million euro green debt late last month, and a social bond from Cassa Depositi e Prestiti SpA, a development bank in Italy.Going forward, more banks are likely to issue social bonds given capital relief they are getting from regulators in Europe, as well as incentives to lend to small and medium-sized companies, said Eggerstedt. Real estate, infrastructure, automobile and health care sectors may also be active issuance sectors for sustainable bonds once companies have better visibility of capital expenditures.“This is the time where you really show how you take care of the society as a corporate,” she said. “The cement sector and all kinds of basic materials need a lot of innovation to reduce their carbon emissions -- those sectors could issue debt.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
British asset manager Schroders <SDR.L> said it will back companies seeking to protect their businesses from the economic hit of coronavirus, but warned any fresh capital-raising should result in a suspension of dividends and review of board pay. In an open letter to UK Plc dated April 1, seen by Reuters and reported earlier by the FT, Jessica Ground, global head of stewardship and Sue Noffke, head of UK equities at Schroders, said the virus created an unprecedented challenge.
Investment managers BlackRock <BLK.N> and Schroders <SDR.L> have suspended trading in UK real estate funds aimed at institutional investors, citing difficulty in getting an accurate price for their assets. The suspension of the funds with quarterly or monthly redemptions, whose assets total nearly 6 billion pounds, follows the freezing last month of several funds aimed at retail investors, which allow people to get their money out daily. Regulators have expressed concern about funds that invest in illiquid assets but allow investors to get their money out regularly.
(Bloomberg Opinion) -- The 2017 merger that forged Standard Life Aberdeen Plc was designed to create a company able to compete in the $1 trillion club of the world’s largest asset managers. On its current trajectory, however, the firm, now led by Keith Skeoch after co-Chief Executive Officer Martin Gilbert stepped down last year, won’t even be able to hang on to its status as the U.K.’s biggest stand-alone fund.Last year, Standard Life Aberdeen reached a settlement with Lloyds Banking Group Plc, after the bank attempted to cancel a contract with the fund manager to oversee 104 billion pounds ($136 billion) of assets. An arbitration agreement left 35 billion pounds in place until at least April 2022.But Standard Life Aberdeen’s loss has been Schroders Plc’s gain. Lloyds transferred almost 45 billion pounds to Schroders by the end of last year, and a further 30 billion pounds is poised to move across in the first half of this year. As things stand, Schroders, led by Peter Harrison since 2016, is set to become top dog in the U.K. fund industry.On Tuesday, Standard Life Aberdeen reported that its total assets were 544.6 billion pounds at the end of last year. Net outflows in 2019 were 17.4 billion pounds, excluding that Lloyds money, better than the 40.9 billion pounds that it bled in 2018 but still heading in the wrong direction.More than bragging rights are at stake when counting assets to measure the market leaders in pure fund management. (Legal & General Plc’s investment arm is a bigger player in the U.K. with 1.2 trillion pounds of assets, but it’s tied to an insurance company.) The bigger the pile of other people’s money a firm manages, the more revenue it can generate. Despite an ongoing post-merger cost-cutting program, Standard Life Aberdeen’s cost-to-income ratio has been hurt by a decline in revenue, climbing to 71% in 2019 from 68% at the end of 2018.To be sure, those 2020 asset numbers aren’t set in stone for either Standard Life Aberdeen or for Schroders. The former beat the analysts’ consensus for 2019 by about 3%, so the forecasts for this year could move higher. Standard Life Aberdeen may yet be able to hang on to its U.K. crown. But with equity markets currently in meltdown around the world, the first quarter is likely to prove tough for active managers with customers fleeing to the sidelines. Standard Life Aberdeen is well outside of the global top 10 in asset management; on current trends, it’s unlikely to make it into the top tier any time soon.To contact the author of this story: Mark Gilbert at firstname.lastname@example.orgTo contact the editor responsible for this story: Melissa Pozsgay at email@example.comThis column does not necessarily reflect the opinion of Bloomberg LP and its owners.Mark Gilbert is a Bloomberg Opinion columnist covering asset management. He previously was the London bureau chief for Bloomberg News. He is also the author of "Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable."For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
British money manager Schroders <SDR.L> said total assets passed £500 billion for the first time on the back of inflows of client cash from a large mandate win and a wealth management tie-up with Lloyds Banking Group <LLOY.L>. Schroders said its strategy of expanding wealth management, private assets and providing a broader range of asset management 'solutions' to clients was doing well, helping outweigh a dip in full-year profit on higher costs and a lower revenue margin. "We are pleased that the structural changes we have made in our business have delivered a resilient performance with record net new business of 43.4 billion during the year," Chief Executive Peter Harrison said in a statement.
Antler is a "company builder" that emerged a couple of years ago, running startup generator programs and investing from an early stage, bringing a heady mix of technologists, product builders and operators together with its own technology stack. Now, plenty of "company builders" have come and gone. It has made more than 120 investments across a wide range of companies, with several going on to raise later-stage funding from the likes of Sequoia, Golden Gate Ventures, East Ventures, Venturra Capital and the Hustle Fund.
Iran's missile attack on U.S. army bases in Iraq overnight sent gold blasting above $1,600 an ounce, boosted the Japanese yen by almost 1% and oil by $3 a barrel. It was the second volte face in under a week following a similar pattern of events after the U.S. killing of top Iranian commander Qassem Soleimani on Friday. Welcome to the brave new world where it appears that little short of full-fledged world war between nuclear-armed powers would be required to have a durable impact on financial markets.
British asset manager Schroders <SDR.L> is restructuring its business to put more emphasis on growth areas such as private assets and wealth management, it said on Wednesday, in a move that will lead to job cuts. Managers who make active investment decisions have been struggling to outperform markets in recent years, heaping pressure on them to lower their fees as more investors opt for cheaper, index-tracking funds. Schroders said in a statement it was "realigning our resources...to continue investing where we see strategic growth opportunities," adding that it had also "undertaken a targeted restructuring of teams".
Shares in Woodford Patient Capital Trust, founded by veteran money manager Neil Woodford, dropped as much as 7% on Monday after the fund cut the valuation of one of its major holdings. WPCT last month named asset manager Schroders to manage its portfolio after the abrupt exit of Woodford following the winding up of his flagship equity income fund. WPCT's net asset value will drop by 4.3 pence following the downward valuation of IH Holdings, a unit of cold fusion technology firm Industrial Heat, as well as the upward valuation of another unnamed company, the fund said in a statement.
Woodford Patient Capital Trust (WPCT) <WPCT.L> named asset manager Schroders <SDR.L> to manage its portfolio on Thursday after last week's abrupt exit of its founder Neil Woodford. Woodford, one of Britain's most high-profile fund managers, resigned as he shut his business after administrators closed his flagship equity income fund. It will be renamed Schroder UK Public Private Trust when Schroders takes over the management of the assets, expected by the end of the year, and the new management team will stick to WPCT's existing strategy of investing largely in unlisted firms.
British asset manager Schroders <SDR.L> said pretax profits fell 14% in the first half, hit by weak markets at the start of the year and outflows of client cash. Net outflows over the period were 1.2 billion pounds, it said in a statement on Thursday. Weaker investor sentiment has been a feature of results from most of Schroders' peers, with Jupiter Fund Management <JUP.L>, Amundi <AMUN.PA> and Man Group <EMG.L> among those to report outflows in recent days.
Zurich-based BlueOrchard, founded in 2001, puts money into projects that pay returns based on hitting non-financial targets, often linked to social development or the environment. The deal gives the British company access to BlueOrchard's about $3.5 billion (£2.8 billion) assets under management as of May 30. "Schroders has a strong belief in the value that investment can create in society, particularly within emerging and frontier markets.