(Reuters) -British fund manager Schroders' assets under management fell at the end of the March quarter from a year ago, but saw a slight uptick from the previous quarter, as economic risks eased and investor sentiment picked up.
Geopolitical risks and fears of economic growth had kept investors from parting with cash during 2022, but fund managers are starting to see signs of revival, despite recent U.S. banking turmoil.
At the end of the first quarter, Schroders' assets under management rose 1.2% to 746.3 billion, although still 0.8% lower than the corresponding period a year ago, when the Russia-Ukraine conflict had just begun.
Peer St. James's Place said assets under management rose 3.5% by the end of March quarter, adding that it expected a more supportive environment for new business in 2023.
Still, SJP's net inflows were down nearly 9% at 2 billion pounds during the first quarter, missing company-compiled analysts' expectations of 2.2 billion.
SJP shares were down 4.3% at 1,185 pence by 0744 GMT.
The U.S. banking turmoil which saw the collapse of Silicon Valley Bank and Signature Bank drove global investor confidence to one of its lowest levels in the last 20 years, a survey in March showed.
Separately, Schroders named PricewaterhouseCoopers' current global market leader, Richard Oldfield, as its new CFO. Oldfield is expected to start on Oct. 2 and will replace Richard Keers, who is set to retire.
The 60-year-old Keers leaves on Dec. 31 after a decade during which the FTSE 100 company's share value has risen 14%, withstanding events such as the pandemic, the Russia-Ukraine conflict and last year's "mini-budget", which triggered a rush for cash by pension funds.
Schroders shares were down 1.4%at 474.5 pence by 0750 GMT, compared to a largely flat benchmark index.
(Reporting by Sinchita Mitra and Chandini Monnappa in Bengaluru; Editing by Uttaresh Venkateshwaran and Clarence Fernandez)