Schroders reported a 6.6% rise in assets under management (AUM) in the first quarter of the year, but said pre-tax profits are down year-on-year.
The firm's AUM rose to £199.6bn, supported by positive inflows in the first quarter of £1.6bn, mainly down to an influx of new business into its institutional fund range.However, on a gloomier note inflows are down from £3.1bn in Q1 2010.
Pre-tax profit has also fallen from £103.8m in Q1 2011 to £95.5m, an 8% annual decline.
The asset management side of the business also reported a decline in net, from £261.2m last year to £250.8m.
The results were slightly above analysts' expectations who anticipated the group would report a steeper decline in pre-tax profits, at £91.5m.
Meanwhile, Schroders also unveiled more details of its 25% tie-up with Indian bank Axis AMC, hinting the group will look to launch Indian funds internationally.
"In the short term, macro-economic uncertainties and volatility in financial markets make it hard to predict flows," the company said.
"Over the long term, we continue to see a broad range of opportunities in our core business in institutional and intermediary, in addition to which we have a number of new products coming on stream later this year.
"Together with Axis Bank, our objective is to build over time one of the leading asset management companies in India, meaning in addition we will distribute Axis AMC's funds internationally and we will have exclusive access to their network for the distribution of Schroders' funds in India."
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