Schroders has blamed reduced mutual fund demand amid the plummeting equity markets for its sharp £2.9bn retail investor net outflow in the third quarter.
The asset manager had braced itself for a further short-term retail fund exodus in its half year results released in August, after the firm’s retail range recorded a £200m outflow in H1. Net outflows now total £3.1bn for the nine months to 30 September, a far cry from the £5.1bn inflow recorded in the corresponding period last year. Overall, the group’s funds under management dived from £130.2bn at 30 June to £114.7bn at 30 September. In its interim management statement released this morning, Schroders revealed total group before tax profit in Q3 fell 20% to £78m. Asset management pro...
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