Schroders plc (SDR) Q4 2022 Earnings Call

Investor webinar replay

Replay transcript excerpt

Morning, everyone, and welcome to the Schroders 2022 annual results. I know you've had a busy few days, so hopefully we all get through this in an hour. But we're going to follow the normal format of prior years. I'm going to spend a little bit of time on strategy flows. Rich is going to take you through the detail, the financial numbers, come back to quick outlook and any Q&A that you may have. So this was a set of results that we found pleasing, robust, and primarily because of strategic progress we've made. I just want to spend a little bit of time before we get into the detail of the numbers on the reshaping of the business, because to my mind, that was the effort that we'd been making over prior years to get this dynamic of the business changing. And so if you look at the high level, now 53% of our group's earnings are from the high growth areas that we've been talking about in the past. I'll come back and unpack that in more detail. Our recurring revenues, our operating revenues, were actually up 1% last year. But the underlying that and the drivers of that were really strong fundraising in our Schroders Capital business. So we raised 17 and a half billion of new capital there. The wealth management business, the advisory businesses there grew at 6.7%. And our Schroders Solutions business, which, you know, was in a challenging market in the fourth quarter, and we'll come back and talk more about that, actually showed flat flows there on minus 0.2. And that's entering 2023 very much with the wind at its back. So from an operating level, I think we've made a lot of good progress this year, and I think that reinforcing nature of growth has come a long way. Clearly, when we had this meeting in the past, we've always talked a lot about enfranchisement and non-voting...