Schroders’ wealth management businesses shone in the first half, while the group as a whole struggled with fund outflows and a dip in profitability.

The firm’s wealth divisions – which include Benchmark Capital, the ultra-high net worth-focused Cazenove Capital and the more mass market Schroders Personal Wealth, a joint venture with Lloyds – saw new income rise 30 percent to £187.6 million, compared with the £144 million recorded in the first half of 2019.

Profit before ta...