Schroders PLC
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
Diverse assets under management (AUM) by distribution channel, geography, and asset class. Strong tangible equity base. Good liquidity profile. No debt in issuance. Sound profitability and strengthened net sales. Relative equity bias makes revenues and AUM sensitive to stock market volatility. The ratings on U.K.-incorporated asset manager Schroders PLC reflect its robust balance sheet, good liquidity, diversity of assets under management (AUM), and strengthened profitability and net sales. The principal weakness in Schroders' rating profile is a relative equity bias in its AUM, which can result in earnings volatility in market cycles. Schroders is a midsize asset manager in global terms, with AUM of -196.7 billion at Dec. 31, 2010. It distributes through retail, institutional, and private banking channels across...
Companies mentioned in this report are: Schroders PLC
Action: Review
Schroders PLC
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