请 务必阅读 正文之 后的信 息披露 和重要声 明 industryId investSuggestion(investSuggestionChange 2023E EPS 2024E EPS 0.74 1.00 3.42 3.83 6.04 6.96 1.61 1.78 0.95 1.11 0.65 0.74 1.78 2.09 1.13 1.36 relatedReport 2023-03-16 2023-02-09 2023-02-05 2022-12-05 AMG 2022-08-02 emailAuthor S0190521060001 S0190521060002 assAuthor summary 2013-2022 82.4%100 65 102 60-80 2013-2022 PE 14 P/AUM 0.9%-1.6%1959 1 2011-2021 8.1%7.0%25.47 6.24 25.6%14.9%2 AUM AUM 2011-2021 7.9%27.2 88%3 2011-2021 6.2%7.13 84.7%18.4%4 AUM 2011-2021 AUM 14.6%7316 5 2021 2560 1902 1536 512 805 1 2021 39 5400 2 GAIA GAIA UCITS UCITS 3-title createTime1 2023 03 30 请 务必阅读 正文之 后的信 息披露 和重要声 明-2-1.-4-1.1.-4-1.2 14.-4-2.-5-2.1.-5-2.2.-7-2.3.-8-3.-10-3.1.-10-3.2.-11-3.3.-14-3.4.-16-3.5.-20-4.-21-4.1.-21-4.2.-23-4.3.-24-5.-28-1 10 100.-4-2.-4-3 14.-5-4 P/AUM 1.9%.-5-5 21.-6-6.-7-7.-9-8“-KPI”.-10-9 2011-2021.-10-10 2011-2021.-11-11 2011-2021 ROE.-11-12.-12-13.-13-14 AUM.-13-15 AUM.-13-16 AUM.-14-17 2021.-15-18.-15-19.-15-20 2004-2021 AUM.-16-21 2008-2021 AUM.-17-22 AUM 70%.-17-23 AUM.-17-24.-18-WUAZwPnQmPrQsMmPnQrOnMaQ8Q8OoMoOoMmPlOqQpMjMpMpP9PmNnQxNpMxPNZnMuM 请 务必阅读 正文之 后的信 息披露 和重要声 明-3-25.-18-26 2008-2018.-19-27 2019-2021.-19-28 AUM.-19-29 AUM.-19-30.-20-31.-20-32.-23-33.-23-34 GAIA.-24-35 2019-2021.-25-36 2021.-26-37 LTIP.-27-38 2011-2021.-28-1.-7-2 Morning Star.-20-3.-22-4 2019-2021.-24-5 2021 LTIP.-26-6 LTIP-.-26-请 务必阅读 正文之 后的信 息披露 和重要声 明-4-1 1.1 100 2013-2022 100 17.9%82.4%65 2021 9 10 2021 9 102.16 60-80 1 10 100 2 Bloomberg Bloomberg 1.2 14 PE 14 2013-2022 8.9 20.1 14.4 2021 4 20.1 2022 12.72 P/AUM 2013-2021 P/AUM 2018-2019 2019-2021 0.9%-1.6%9-30%-10%10%30%50%70%90%110%130%150%170%2013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-02 100 01020304050607080901002013-022014-022015-022016-022017-022018-022019-022020-022021-022022-022023-02 请 务必阅读 正文之 后的信 息披露 和重要声 明-5-3 14 4 P/AUM 1.9%Bloomberg Bloomberg 2 2.1 Schroders 1804 1959 1804-1945 Johann Heinrich Schrder 1818 J.Henry Schroder&Co 1909 J.Henry Schroder&Co 1923 1924 1926 1931 1945 1946-2000 1959 1983 Schroder Ventures 1986 Schrobanco 1994 Wertheim Schroder 2000 13.6 22.1 Salomon Smith Barney 58111417202013-06-302013-12-312014-06-302014-12-312015-06-302015-12-312016-06-302016-12-312017-06-302017-12-312018-06-302018-12-312019-06-302019-12-312020-06-302020-12-312021-06-302021-12-312022-06-302022-12-31 PE0.5%1.0%1.5%2.0%2.5%3.0%2013-062013-122014-062014-122015-062015-122016-062016-122017-062017-122018-062018-122019-062019-122020-062020-122021-062021-12P/AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-6-2001-2005 30%2006 2007 NewFinance Capital Aareal Asset Management GmbH 2013 Cazenove Capital 2017 Adveq Schroders Adveq 2021 Schroders Capital 2021 River and Mercantile s UK Solutions business Cairn Real Estate Greencoat Capital 75%2010 Nissay Schroders Asset Management Europe Limited.2012 Axis Axis Mutual Fund 2019 Schroders Personal Wealth 800 5 21 CNNMoney 请 务必阅读 正文之 后的信 息披露 和重要声 明-7-2.2 2022 5 13 CFO CFO 6 Michael Dobson 2001 2015 20 Dame Elizabeth Corley 2022 5 Matthew Westerman Sir Damon Buffini Peter Harrison 2016 2013 1 Michael Dobson 2016 4-2022 5 1 CBI Member of the Presidents Committee of the CBI Instinct Limited LandyTech Limited 2 2001-2015 Morgan Grenfell Group 3 GMC 请 务必阅读 正文之 后的信 息披露 和重要声 明-8-Dame Elizabeth Corley 2022 5-1 BAE Systems plc Impact Investing Institute 2 Allianz Global Investors 3 45 Peter Harrison 2016 4-1 FCLT Global Antler Global 2 RWC Partners 3 1988 2013 Richard Keers 2013 5-1 PricewaterhouseCoopers LLP 2 25 2023 3 2.3 1 Schroders Personal Wealth Benchmark Capital 2021 Benchmark Capital Schroders Personal Wealth 2 2021 River and Mercantile 900 2022 1 请 务必阅读 正文之 后的信 息披露 和重要声 明-9-3 GAIA Global Alternative Investor Access 2021 Schroders Capital 74 7 KPI 请 务必阅读 正文之 后的信 息披露 和重要声 明-10-8-KPI 3 3.1 2011 11.69 2021 25.47 8.1%2011 3.16 2021 6.24 7.0%2013 STW Fixed Income Cazenove Capital 2018 2021 25 Schroders Capital 9 2011-2021 353 25.69 79%67%94%KPIKPI-20%-15%-10%-5%0%5%10%15%20%25%30%35%05001,0001,5002,0002,5003,0002011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A YOY YOY 请 务必阅读 正文之 后的信 息披露 和重要声 明-11-2011-2021 24%-26%2018 AUM 2018 5600 2012-2017 13.7%17.1%ROE 10 2011-2021 11 2011-2021 ROE 3.2 AUM 2021 91.8%3.2%0.4%2.4%2.2%1 AUM 2011 12.7 2021 27.2 7.9%2021 16.8%88%2 2021 0.94 3.2%8.6%27.0%24.6%24.7%26.7%28.2%27.4%28.8%23.9%23.4%22.5%24.5%20%21%22%23%24%25%26%27%28%29%30%2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 16.6%13.7%15.5%16.3%16.7%15.5%17.1%13.9%12.9%11.9%14.1%10%11%12%13%14%15%16%17%18%2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021AROE 请 务必阅读 正文之 后的信 息披露 和重要声 明-12-3 2021 1130 1.5%4 2021 1.36 67.2%4.6%12 65%-69%2011-2021 5.00 2.62 11.97 5.86 9.1%8.4%2021 67.1%32.9%2013 2022 STW Cazenove Capital River and Mercantile Greencoat Capital 82%84%86%88%90%92%94%96%05001,0001,5002,0002,5003,0002011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-13-13 LTIP 2011-2021 5.00 11.97 9.1%65%AUM AUM 2011-2021 AUM 0.267%0.164%0.217%AUM 12%2013 0.286%2021 0.184%0.232%14 AUM 15 AUM 2 2011-2021 2.62 5.86 8.4%30%2011-2021 AUM 0.407%0.244%50%55%60%65%70%0246810121416182011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 26.6825.7425.3223.4923.6621.1520.5823.3717.2815.2116.3610121416182022242628302011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021Abps AUM 26.2026.3123.5723.0126.1819.5717.0618.4010121416182022242628302013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021Abps AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-14-16 AUM 3.3 1926 AUM 2013 Cazenove Capital Cazenove Capital Schroders Personal Wealth Schroders Wealth Management Benchmark Capital 40.6737.32 37.1934.4434.0430.3529.9235.8626.3123.3524.362025303540452011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021Abps AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-15-17 2021 1 2011-2021 10.42 21.38 7.5%2021 83.1%2011-2021 3.90 6.2%7.13 2021 84.7%2 2011-2021 1.14 4.34 14.3%2021 16.9%2011-2021 0.24 18.4%1.29 2021 15.3%18 19 AUM 534.081.2713.2128.62138.0 433.776%78%80%82%84%86%88%90%92%94%04008001,2001,6002,0002,4002011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 75%80%85%90%95%100%01002003004005006007008002011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-16-3.4 2004 2021 AUM 1056 7316 2004 2021 AUM 1056 7316 12.1%2019 21.6%2013 2016 2019 Cazenove Capital Benchmark Capital 10%ThirdRock Blue Asset Management 2021 AUM 7316 10.3%20 2004-2021 AUM 2021 12 31 AUM 2008-2021 1102 7316 6214 2438 2256 539 39.2%36.3%8.7%AUM AUM 2013-2021 AUM 2328 5340 10.9%2021 AUM 73.0%AUM 301 812 13.2%2021-25%-15%-5%5%15%25%35%45%01002003004005006007008002004A2005A2006A2007A2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A AUM AUM YOY 请 务必阅读 正文之 后的信 息披露 和重要声 明-17-AUM 11.1%21 2008-2021 AUM 22 AUM 70%23 AUM 2021 2560 1902 1536 512 805 AUM 35%26%21%7%11%2008-2021 AUM 15.7%AUM 13.9%19.0%20.0%4.6%2013-2021 AUM 13.6%(40)(20)0204060801001202008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A-15%-5%5%15%25%35%45%55%2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A YOY YOY60%65%70%75%80%85%90%95%100%0501001502002503003504004505005502013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A AUM AUM AUM 请 务必阅读 正文之 后的信 息披露 和重要声 明-18-24 25 1 2008-2021 13.9%473.9 2560.6 AUM 43%35%2 2008-2021 198.4 1902.2 19.0%AUM AUM 18%26%3 2008-2021 143.3 1536.4 20.0%AUM AUM 13%21%4 GAIA 2008 2021 4.6%286.5 512.1 AUM 26%7%5 2013-2021 289.2 804.8 13.6%AUM 11%2013 Cazenove Capital Axis Hartford Funds 01002003004005006007008002008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A 0%20%40%60%80%100%2008A2009A2010A2011A2012A2013A2014A2015A2016A2017A2018A2019A2020A2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-19-2008-2018 88%2019 30%18%2021 27%26 2008-2018 27 2019-2021 AUM AUM 2011-2021 AUM 698.0 499.0 2926.4 2194.8 15.4%16.0%2021 40%30%28 AUM 29 AUM AUM 2011-2021 0.697%0.384%2018-2021 0.619%0.465%0.154 0.466%0%20%40%60%80%100%2008A 2009A 2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 0501001502002503002011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 0%10%20%30%40%50%2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 0%20%40%60%80%100%2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-20-30 31 3.5 2023 2 28 24 Morning Star 75%18-9.1%23.2%21.1%96.7%3-6.3%-6.9%-7.3%-6.8%7 30%2 Morning Star OCF 1Y 3Y 5Y 10Y SISF 2002-08-09 139.55 HKD-8.2%6.2%-7.0%55.4%1.32%SISF 2004-01-09 57.19 USD-12.8%18.1%15.4%94.7%1.30%SISF A 2017-12-06 45.61 USD-15.4%26.6%35.4%-0.80%SISF 2010-11-23 37.36 USD-5.5%44.1%67.0%164.9%0.84%SISF 2007-06-29 35.06 USD-8.8%44.9%50.1%149.4%1.04%SISF 2002-03-28 28.26 USD-13.9%11.9%13.2%110.5%1.30%SISF Alpha 2005-07-29 23.44 USD-6.5%43.0%42.3%122.2%0.84%SISF 2006-02-17 16.98 USD-11.4%4.0%-1.6%78.8%1.29%SISF 2007-01-19 16.77 USD-10.8%7.3%2.6%43.1%1.31%SISF 2018-06-27 7.40 USD-11.3%21.0%-0.80%SISF 2005-06-03 7.30 USD-6.5%40.6%44.3%139.0%0.64%SISF 1998-07-15 5.58 USD 0.2%13.3%-2.3%-20.2%1.87%SISF 2005-10-31 5.43 USD-15.1%-12.5%-14.3%23.3%1.30%SISF 2010-12-15 3.88 USD-6.9%25.5%2.9%68.8%1.40%SISF 2018-12-12 3.77 USD-11.6%39.2%-0.80%SISF 2017-12-11 1.86 USD-12.3%7.3%2.2%-1.31%69.759.161.456.757.449.051.360.942.636.438.43035404550556065702011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021Abps 0102030405060702018A 2019A 2020A 2021Abps 请 务必阅读 正文之 后的信 息披露 和重要声 明-21-Alpha SISF 2014-08-27 1.43 USD-7.3%34.3%19.6%-0.09%2006-05-11 1.03 GBP 0.6%42.6%68.0%226.6%0.53%SISF 1997-08-29 14.96 USD-5.8%-8.6%-12.9%-6.8%1.85%SISF 2019-12-17 9.13 EUR-7.9%-6.8%-0.51%SISF 2015-11-11 2.68 EUR-5.3%-5.2%-1.7%-0.66%SISF 2012-07-02 4.67 EUR-2.8%13.7%14.6%27.9%0.81%SISF 2020-01-21 0.26 EUR-6.2%15.9%-0.55%2006-10-17 1.42 GBP 1.7%21.5%24.6%-0.53%ISF International Selection Fund QEP Quantitative Equity Product 2023 2 28 4 4.1 21 Michael Dobson 1 2013 Cazenove Capital 8 4 2013 169 2021 812 2017 2019-2021 ThirdRock Sandaire 2 2017 Adveq 2021 Schroders Capital 2019-2022 Blue Asset Management Pamfleet 51%Cairn Real Estate AUM 27 3 2019 Schroders Personal Wealth 2021 Benchmark Capital IFA 2022 River and Mercantile 请 务必阅读 正文之 后的信 息披露 和重要声 明-22-3 2006 NewFinance Capital 2013 STW 2013 Cazenove Capital 2017 Adveq 60 2017 Discretionary Wealth Management of C.Hoare&Co.25 2017 Brian Potter Consultants Benchmark Capital 2017 Alderbrook Financial Planning Benchmark Capital 2017 Chilcomb 2018 Algonquin Management Partners S.A.16 2018 NEOS Finance Group B.V.(NEOS)49%2019 ThirdRock 17 2019 Blue Asset Management 10 2019 BlueOrchard 70%ESG 2020 Pamfleet 51%6 2020 Sandaire 2021 Benchmark Capital 23%100%IFA Benchmark Capital 2022 River and Mercantiles UK Solutions Solutions Solutions 2022 Cairn Real Estate 11 2022 Greencoat Capital 75%ESG 2021 请 务必阅读 正文之 后的信 息披露 和重要声 明-23-39 72 5400 EMEA 1994 2005 2019 2010 Nippon Life Nissay Schroders Asset Management 2012 Axis Axis Mutual Fund 2016 Hartford Funds 2019 Schroders Personel Wealth 32 33 4.2 2009 GAIA Global Alternative Investor Access GAIA UCITS UCITS UCITS UCITS GAIA NFC NewFinance Capital NFC 2006 2005 2022 2012 Axis AxisMutual Fund 2021 AUM 2016 HartfordFunds 2021 22 AUM 110 2010 NipponLife 2019 SchrodersPersonal Wealth 2021 AUM 147 7%19%17%452 165 103 91 82 75 60 27 434 185 81 71 35 21 12 11 326 21 17 12 3063 3357%请 务必阅读 正文之 后的信 息披露 和重要声 明-24-34 GAIA GAIA 4.3 LTIP Schroders Share in Success Award 2021 11 CEO CFO 5%1 2014 2 LTIP DAP LTIP 4 2019-2021 2019 2020 2021 CEO CFO CEO CFO CEO CFO 500 375 500 375 500 375 16 7 9 6 10 10 45 45 45 45 43 45 561 427 554 426 553 430 5680 2350 5428 2403 7612 3395 LTIP 212 159 295 196 319 213 5892 2509 5723 2599 7931 3608 6453 2936 6277 3025 8484 4038 NFC GAIA 请 务必阅读 正文之 后的信 息披露 和重要声 明-25-2021 CEO CFO 55.3 43.0 761.2 339.5 LTIP 31.9 21.3 LTIP 6.5%89.7%3.8%10.6%84.1%5.3%2019-2021 10.5%7.9%35 2019-2021 70%30%3 5 70%35%20%15%1 2 3 50%60%70%AUM 5 3 5 55%65%75%3 threshold target maximum 25%60%80%100%2019A 2020A 2021A LTIP 请 务必阅读 正文之 后的信 息披露 和重要声 明-26-65%100%36 2021 LTIP 40%40%20%LTIP 25%100%2021 LTIP Carbon Disclosure Project CDP 5 2021 LTIP 25%100%40%20%40%40%150 250 20%1 92%2 CDP A-/A 1 100%2 CDP A-/A 6 LTIP-MSCI 15.0%MSCI 15.0%MSCI 7.5%MSCI 7.5%5.0%50.0%2021 12 31 25%65%100%70%30%35%20%15%587 652 772 632 702 772 836836100%100%35%3 50%60%70%79%100%100%20%3 55%65%75%78%0 7.4 14.8 15.1 100%15%请 务必阅读 正文之 后的信 息披露 和重要声 明-27-LTIP 1 DAP Deferred Award Plan deferred portion 60%upfront portion 40%deferred share award deferred fund award 3:1 1:1 1 2 3 10 1.5 2.5 3.5 5 6 5 2 2 LTIP grant-date performance period vest holding period 37 LTIP 94%2011 90%LTIP 60%15%45%40%20%20%2021 DAP Deferred Award Plan 4 1 1 3.5 2.5 1.5 6 1 2 3 2022 2023 2024 2025 2026 2027 请 务必阅读 正文之 后的信 息披露 和重要声 明-28-38 2011-2021 5 1 AUM AUM 2 3 85%88%90%93%95%98%100%2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021A 请 务必阅读 正文之 后的信 息披露 和重要声 明-29-12 A 300 500 15%5%15%-5%5%-5%/1934 15a-6/36 15 200135 6 SK 32 01-08 100020 5001 T2 52 518035 前沿报告库是中国新经济产业咨询报告共享平台。行业范围涵盖新一代信息技术、5G、物联网、新能源、新材料、新消费、大健康、大数据、智能制造等新兴领域。为企事业单位、科研院所、投融资机构等提供研究和决策参考。扫一扫免费获取海量报告