- Schroders has reported its total assets under management (AUM) fell to £470.5bn at the end of the first quarter of 2020, as group chief executive Peter Harrison pledged not to furlough any employees or enact any redundancy programmes.

Total AUM was down from £500.2bn at 31 December 2019, as only Schroders' solutions business ended March 2020 with higher AUM, at £157.7bn compared to £142.8bn at the end of 2019.

Group chief executive Peter Harrison said: 'We generated strong flows in the first quarter of the year with net new business of £30.4bn and have successfully on-boarded the remainder of the Scottish Widows mandate, which contributed net new business of £29.5bn.'

Its asset management business ended the first quarter with AUM of £411.8bn, down from £433.5bn at the end of 2019, with a £51.5bn loss from investment returns.

Schroders wealth management saw AUM drop to £58.7bn at 31 March 2020, from £66.7bn at the end of the previous quarter.

Harrison added: 'We are committed to supporting our clients, colleagues and the wider community throughout the current COVID crisis. We are not seeking any government assistance globally, nor are we furloughing any employees or enacting any related redundancy programmes.'

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