Schroders

Ticker SDR

Today's data summary

Market closed
% change
+0.27%
Price Pence
2571.00
Change
+7.00
As of 03:34 17 Jan 2019
Market cap. Pound sterling
5,811.04 million
As of 03:34 17 Jan 2019

Latest updates

Lloyds links with Schroders

Lloyds Bank
Reuters

Lloyds Banking Group has confirmed that fund manager Schroders will look after £80bn of investments.

The bank had announced in February that it planned to remove £109bn from Standard Life Aberdeen.

Some £30bn has already been awarded to American-based asset managing giant BlackRock. At the time it had been expected that the remainder would be placed with Schroders.

Lloyds and Schroders said they will also set up a new joint venture for "affluent customers" with the ambition of being in the top three for financial planning within five years.

Shareholder gives thumbs down to Unilever exit plans

Marmite and toast
Getty Images

Another top Unilever shareholder has said it will vote against the firm's plan to move its headquarters to the Netherlands.

Schroders has been a long standing shareholder of Unilever - the maker of Marmite - and most recently supported the company in its rebuttal of the take-over of Kraft Heinz.

But it said it won't support the company's proposed move out of the UK.

Jessica Ground, global head of stewardship at Schroders, said: "We understand the company’s desire for simplification but we do not believe this is the right decision for Unilever plc shareholders."

She said Schroders is concerned about moves in the Netherlands towards protectionism, which "undermines shareholder rights".

“In addition, our clients will be forced sellers of Unilever plc as a result of it exiting the FTSE UK Indices," Ms Ground said, adding. “We will be voting against the resolution at the upcoming EGM.”

Last month, Aviva Investors rejected the plan, too.

Schroders profits rise 23%: Assets climb to £447bn

City of London
Getty Images

Investment firm Schroders said pre-tax profits climbed 23% to £760m last year.

It raised the dividend by more than a fifth to 113p per share.

It said assets under management and administration rose to a new high of £447bn.

Chief executive Peter Harrison said: "There are headwinds facing the industry but we continue to believe that there remain opportunities for growth."