The UK asset and wealth management house has issued its Q1 results.

Schroders logged net operating revenue of £51.9 million ($75.6 million) in its wealth management division in the first three months of this year, down from £52.4 million a year earlier, it said today. Pre-tax profit was £13.7 million, up from £13 million.

Net flows were flat in the first quarter and assets under management at the end of March were £32.9 billion, up from £31.6 billion at the end of 2015.

Across all business lines, profit before tax was £137.9 million (Q1 2015: £141.7 million); profit before tax and exceptional items was £144.5 million (Q1 2015: £149.6 million).

Asset management net operating revenue was £335.8 million (Q1 2015: £339.3 million), including performance fees of £0.5 million (Q1 2015: £1.7 million). Profit before tax was £124.4 million (Q1 2015: £130.7 million). The UK-listed firm, which operates in regions such as Asia as well as Europe, generated net new business of £2.7 billion, with net inflows in institutional of £4.5 billion partially offset by intermediary net outflows of £1.8 billion as volatile markets impacted retail client demand. Assets under management at the end of March were £292 billion (31 December 2015: £281.9 billion).

These are the first set of results to be set out following the recent announcement that long-serving chief executive Michael Dobson is stepping down, with Peter Harrison now in the role.