Operating profits increased marginally – 1.25 percent - at Schroders Wealth Management, which encompasses Cazenove Capital and Benchmark, in the 12 months to 31 December.

Profits stood at £129.9 million at the end of 2022, compared with £128.3 million a year earlier.

Net operating income increased by 6.0 percent from £382.5 million to £406.8 million.

The firm attributed this to the higher interest rate environment which led to a rise in net banking int...