ANNUAL RESULTS 2023

29 February 2024

Data Pack
Contents
Page

Assets under management (AUM) 3–5

Regional diversification of AUM 6

Total AUM by business area, region and product 7

Gross and net flows 8–11

Currency profile of AUM 12

Asset Management AUM – detailed business area analysis 13–15

2

Asset Management net flows by business area 16

Asset Management gross and net flows 17–20

Wealth Management 21

Net operating revenue and margins – Asset Management 22

Income statement progression 23–24

Management fee breakdown 25-26

Cost and return metrics 27

Cashflow breakdown 28

Group capital composition 29

Annual Results 2023

Assets under management (AUM)
£750.6 billion at 31 December 2023

Asset Management Wealth Management Total AUM (excl. Total AUM (incl.
£bn Associates and JVs
total total Associates and JVs) Associates and JVs)

1 January 2023 518.4 98.1 616.5 121.0 737.5

Transfers¹ (2.2) - (2.2) 2.2 -

Net flows 3.1 6.6 9.7 (8.7) 1.0 3

Acquisitions² - 0.8 0.8 - 0.8

Investment returns 12.9 4.7 17.6 (6.3) 11.3

31 December 2023 532.2 110.2 642.4 108.2 750.6

1BoCom WMC subsidiary deconsolidated and reclassified as an associate.

²£0.8bn Benchmark acquisition.

Annual Results 2023

Asset Management AUM
£626.1 billion at 31 December 2023

Public Markets Asset Asset

Asset
Private Management total Management total
£bn Solutions Mutual Management
Markets Institutional (excl. Associates (incl. Associates
Funds Associates and JVs
and JVs) and JVs)

1 January 2023 68.3 210.2 100.8 139.1 518.4 107.7 626.1

Restatement¹ (4.6) (0.4) 4.0 1.0 - - - 4

Restated opening 63.7 209.8 104.8 140.1 518.4 107.7 626.1

Transfers² - - - (2.2) (2.2) 2.2 -

Net flows 4.5 12.0 (4.2) (9.2) 3.1 (9.0) (5.9)

Investment returns (2.0) 6.5 2.9 5.5 12.9 (7.0) 5.9

31 December 2023 66.2 228.3 103.5 134.2 532.2 93.9 626.1

1Externally
managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.
²BoCom WMC subsidiary deconsolidated and reclassified as an associate.

Annual Results 2023

Wealth Management AUM
£124.5 billion at 31 December 2023

Wealth Management Wealth Management

Wealth Management
£bn Advised Platform Managed total (excl. total (incl.
Associates and JVs
Associates and JVs) Associates and JVs)
1 January 2023 60.4 17.3 20.4 98.1 13.3 111.4

Net flows 4.9 0.5 1.2 6.6 0.3 6.9

5

Acquisitions¹ 0.8 - - 0.8 - 0.8

Investment returns 2.6 1.1 1.0 4.7 0.7 5.4

31 December 2023 68.7 18.9 22.6 110.2 14.3 124.5

1£0.8bn Benchmark acquisition.

Annual Results 2023

Regional diversification of AUM1
£750.6 billion at 31 December 2023

UK2
£366.0bn
North America2
EMEA
£81.0bn
£107.3bn
6

Asia Pacific2
£186.1bn

South America
£10.2bn

1By client domicile.

2Associates and JVs AUM comprises of £92.8 billion in Asia Pacific, £14.3 billion in the UK and £1.1 billion in North America.

Annual Results 2023

Total AUM by business area, region and product
Assets under management £750.6 billion
By business area By region1 By product

9% 12% 9%

30% 29%
14% 17%
14%
49%
7
14%
18%
18% 25%
15% 27%

Solutions UK Equities
Institutional Asia Pacific Multi-asset
Wealth Management EMEA Middle East & Africa
Europe, Fixed income
Mutual Funds Americas Wealth Management
Associates and JVs Private assets & alternatives
Private Markets
1By client domicile.

Annual Results 2023

Gross inflows excl. Associates and JVs
Half-yearly
£bn
80
72.4
65.4
60.7
60 55.7

8
40

20

0
H1 2022 H2 2022 H1 2023 H2 2023
Equities¹ Fixed income Multi-asset Private assets & alternatives¹ Wealth Management

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.

Annual Results 2023

Gross inflows excl. Associates and JVs
Annually
£bn
140
128.1 126.1
123.2
120

100

80
9

60

40

20

0
2021 2022 2023
Equities¹ Fixed income Multi-asset Private assets & alternatives¹ Wealth Management

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions

Annual Results 2023

Net flows excl. Associates and JVs
Half-yearly
£bn
16
4.4 4.0
5.7
12

4
10

(4)

(8)
(6.0)
(12)
H1 2022 H2 2022 H1 2023 H2 2023
Equities¹ Fixed income Multi-asset Private assets & alternatives¹ Wealth Management

1Externally managed GAIA funds and real estate securities have been reclassified out of private assets and alternatives to equities.

Annual Results 2023

Net flows excl. Associates and JVs
Annually
£bn
30
9.7
17.2
20

10
11

(10)

(1.6)
(20)
2021 2022 2023
Equities¹ Fixed income Multi-asset Private assets & alternatives¹ Wealth Management

1Externally managed GAIA funds and real estate securities have been reclassified out of private assets and alternatives to equities.

Annual Results 2023

Currency profile of AUM excl. Associates and JVs
Assets under management £642.4 billion

6% GBP
2%
2%
2% USD¹
2%
3% EUR

JPY
44%
12% 12
CNY

AUD

TWD

CHF

27% Other22

1USD includes other currencies pegged to USD, including HKD.

2Includes the following currencies which individually constitute 1% of AUM: KRW, INR, IDR, SGD.

Annual Results 2023

Asset Management AUM – detailed business area analysis
Assets under management £532.2 billion excl. Associates and JVs
Private Markets Solutions Mutual Funds Institutional
£66.2bn £228.3bn £103.5bn £134.2bn

13

Real estate 34% Multi-asset 81% Equities 61% Equities 79%

Private equity 18% Fixed income 10% Fixed income 27% Fixed income 21%
Securitised product 18% Equities 9% Multi-asset 12%
Renewable infrastructure 14%
Infrastructure finance 6%
Insurance linked 5%
Impact lending 5%

Annual Results 2023

Asset Management AUM – detailed business area analysis
Assets under management £532.2 billion excl. Associates and JVs
Private Markets Solutions Mutual Funds Institutional
£66.2bn £228.3bn £103.5bn £134.2bn

14

EMEA 44% UK 81% EMEA 36% Americas 37%

UK 37% Asia Pacific 9% Asia Pacific 25% Asia Pacific 29%
Americas 15% Americas 7% UK 24% EMEA 22%
Asia Pacific 4% EMEA 3% Americas 15% UK 12%

Annual Results 2023

Asset Management AUM – detailed asset class analysis
Assets under management £532.2 billion excl. Associates and JVs
Equities Multi-asset Fixed income Private assets and alternatives
£190.4bn £196.1bn £79.5bn £66.2bn

15

Global 27% Risk mitigation 49% US 26% Real estate 34%

Asia Pacific 21% Europe 23%
Risk controlled growth 39% Private equity 18%
Emerging markets 15% UK 20%
Quantitative equities 8% Portfolio solutions 7% Global 14% Securitised product 18%
Systematic investments 7% advanced beta Asia Pacific 4% Renewable infrastructure 14%
UK 6% Income 2%
Australia 4%
Europe 5% Infrastructure finance 6%
Multi manager 1% Emerging market 3%
US 3% Insurance linked 5%
Japan 3% Multi asset inflation 1% Convertibles 2%
Australia 3% Latin America 2% Impact lending 5%
Real estate securities 1% Other 1% Custom bond beta 1%
Equity alternatives 1% Commodities 1%

Annual Results 2023

Asset Management net flows by business area
£3.1 billion at 31 December 2023 excl. Associates and JVs
£bn
12.0
15

10

4.5
5
16

(5)
(4.2)

(10)
(9.2)
(15)
Private Markets Solutions Mutual Funds Institutional
Equities Fixed income Private assets & alternatives Multi-asset

Annual Results 2023

Private Markets – gross and net flows
Assets under management £66.2 billion
£bn
10.0
8.6
8.0 7.5

6.0 5.6 5.6

4.9 4.7 4.6
4.4
4.0
2.5 2.1 2.4
1.7
2.0 17

0.0

(2.0)
(2.6) (2.2)
(4.0) (3.1) (3.1) (3.7) (3.9)
(6.0)
H1 2021 H2 2021 H1 2022¹ H2 2022¹ H1 2023¹ H2 2023

Gross inflows Gross outflows Net flows

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.

Annual Results 2023

Solutions – gross and net flows
Assets under management £228.3 billion
£bn
30.0 26.2
25.2
20.1
20.0
13.9
9.4 10.3
10.0 6.3 6.3 5.7

0.0 18

(0.4) (1.1)
(10.0) (6.3)
(9.8) (11.4)
(13.8)
(20.0) (18.9) (20.2) (20.5)

(30.0)
H1 2021 H2 2021 H1 2022¹ H2 2022¹ H1 2023¹ H2 2023

Gross inflows Gross outflows Net flows

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.

Annual Results 2023

Mutual Funds – gross and net flows
Assets under management £103.5 billion
£bn
30.0 27.8
20.5 20.2
20.0 16.2
14.8 14.2

10.0 6.4
1.7
0.0 19

(1.0)
(3.1) (3.2) (3.2)
(10.0)

(20.0) (18.0) (17.2) (17.4)

(18.8)
(21.4) (23.3)
(30.0)
H1 2021 H2 2021 H1 2022¹ H2 2022¹ H1 2023¹ H2 2023

Gross inflows Gross outflows Net flows

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions

Annual Results 2023

Institutional – gross and net flows
Assets under management £134.2 billion
£bn
20.0
14.6 14.8
15.0 11.9
10.7 10.5 10.4
10.0

5.0
1.0 0.2
0.0 20

(5.0) (3.5) (3.8)

(5.4)
(10.0) (7.5)

(15.0) (13.6) (14.2) (14.6)

(15.8) (15.7)
(20.0) (18.0)
H1 2021 H2 2021 H1 2022¹ H2 2022¹ H1 2023¹ H2 2023

Gross inflows Gross outflows Net flows

1Externally managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.

Annual Results 2023

Wealth Management excl. Associates and JVs
Assets under management £110.2 billion
AUM by client size Gross and net flows
£bn
12.0
11%
9.3
7.9 8.5
6%
8.0 6.6
7% 41%
3.8 3.7
4.0 2.9
8% 1.6 21

0.0
11%
7% 9%
(4.0)
(4.1)
(5.0) (5.6) (5.6)
<£1m £1m-£5m
(8.0)
£5m-£10m £10m-£25m
H1 2022 H2 2022 H1 2023 H2 2023
£25m-£50m £50m-£100m
Gross inflows Gross outflows Net flows
£100m-£250m >£250m

Annual Results 2023

Net operating revenue and margins – Asset Management
Asset Management operating profit £510.5 million

£m 2022 2023

Net operating revenue (excl. performance fees and net carried interest) 1,908.0 1,827.6

Performance fees 42.6 36.7

Net carried interest 16.5 46.9

22

Net operating revenue (incl. performance fees and net carried interest) 1,967.1 1,911.2

Net operating revenue margin (excl. performance fees and carried interest) on average AUM 35 bps 35 bps

Performance fees and net carried interest on average AUM 2 bps 2 bps

Net operating income 2,068.7 1,982.2

Operating expenses (1,475.6) (1,471.7)

Operating profit 593.1 510.5

Annual Results 2023

Income statement progression
Asset Management operating profit £510.5 million

£m 2022 2023

Net operating revenue 1,967.1 1,911.2

Share of profit of associates and joint ventures 73.6 48.7

23
Other net operating income 28.0 22.3

Net operating income 2,068.7 1,982.2

Operating expenses (1,475.6) (1,471.7)

Operating profit 593.1 510.5

Annual Results 2023

Income statement progression
Wealth Management operating profit £150.5 million

£m 2022 2023

Net operating revenue 394.3 423.2

Share of profit of associates and joint ventures 4.0 2.4

24
Other net operating income 8.5 11.2

Net operating income 406.8 436.8

Operating expenses (276.9) (286.3)

Operating profit 129.9 150.5

Annual Results 2023

Asset Management fee and margin breakdown
By business area
Private markets Solutions
£m 2022¹ 2023 £m 2022¹ 2023

Average AUM (£bn) 58.4 64.2 Average AUM (£bn) 225.0 212.1
Net operating revenue margin (bps) 2 60 57 Net operating revenue margin (bps) 2 13 12
Management and other fees 335.0 363.2
Management and other fees 286.1 260.3
Performance fees & carried interest 18.8 54.5
Performance fees 7.5 8.2
Real estate transaction fees 16.0 5.1
25
Net operating revenue 369.8 422.8 Net operating revenue 293.6 268.5

Mutual Funds Institutional

£m 2022¹ 2023 £m 2022¹ 2023

Average AUM (£bn) 110.0 104.4 Average AUM (£bn) 144.5 136.1

Net operating revenue margin (bps) 2 71 69 Net operating revenue margin (bps) 2 34 35

Management and other fees 779.5 720.4 Management and other fees 491.4 478.6

Performance fees 0.7 0.1 Performance fees 32.1 20.8

Net operating revenue 780.2 720.5 Net operating revenue 523.5 499.4

1Externally
managed GAIA funds and real estate securities reclassified out of Private Markets and into Public Markets and Solutions.
²Excludes performance fees and carried interest
Annual Results 2023
Wealth Management fee and margin breakdown

Average AUM Net operating revenue margins (bps)¹

£m 2022 2023 £m 2022 2023
Advised 60.1 63.8 Advised 55 57
Platform 17.7 17.9 Platform 15 15
Managed 20.5 21.2 Managed 18 17
Total 98.3 102.9 Total 40 41
26

Net operating revenue by service Net operating revenue

£m 2022 2023 £m 2022 2023

Advised 331.2 361.2 Management fees 318.1 327.5
Platform 25.8 26.2 Transaction, performance and other fees 39.3 32.4
Managed 37.3 35.8 Net banking interest income 36.9 63.3
Total 394.3 423.2 Total 394.3 423.2

1Excludes performance fees and carried interest.

Annual Results 2023

Cost and return metrics
Total costs

2022 2023

Operating expenses (£m) 1,752.5 1,758.0

Central costs (£m) 48.8 52.9

1,801.3 1,810.9
27
Operating expenses ratio 71% 73% Operating expenses ratio
= operating expenses divided by net operating income

Headcount 6,434 6,438

Operating compensation ratio
Operating compensation ratio1 45% 46% = operating compensation costs divided by net operating income

1Costs and income are subject to adjustments by the Remuneration Committee.

Annual Results 2023

Cashflow breakdown

Cash generation Cash utilisation

£m 2023 £m 2023

IFRS operating cash flow (238) Restructuring costs 17

Exclusion of Wealth banking book cash flows 514 Technology and other capital expenditure 80
Exclusion of Life Company and consolidated funds
177 Organic investment 97
cash flows 28

Adjustment for non-operating cash flows 34 Dividends 349

Additional operating cash flows (45) Integration costs 17
Adjusted operating cash generated 442
Acquisition related costs and step ups 36
Non-banking interest 25
Inorganic investment 53
Net disposal of seed and other investments 79

Adjusted cash generated 546 Total utilisation 499

Annual Results 2023

Group capital composition

Capital base Capital allocation

£m £m
5,000 5,000
4,480 4,464 4,480 4,464

655 630 512 462

4,000 4,000
233 233
1,538 1,587
3,000 1,346 3,000
1,443
29
57 77
2,000 2,000 127 180

1,000 2,246 2,158 1,000 2,246 2,158

0 0
2022 2023 2022 2023

Other items1 Overall regulatory capital requirement Other items1 Investment capital - liquid
Dividend2 Capital surplus Investment capital – illiquid Working capital – seed and co-investment
Working capital – regulatory and other
1Comprises regulatory deductions, principally goodwill, intangible assets and pension scheme surplus.
2Final dividend proposed for the respective year.

Annual Results 2023

Thank you
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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
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based on the Directors’ current view and information known to
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