Schroders has reported a fall in pre-tax profits for the year to September despite a pick-up in its intermediary business.
The asset manager’s interim management statement covering the nine months to 30 September 2012 shows profit before tax was £266m, down from £317.3m in 2011. Net inflows reached £5.3bn, a £200m increase on last year, while assets under management hit £202.8bn, up from £194.6bn on 30 June 2012. Total profit before tax for the three months to 30 September was £88.6m, down from £101.6m for the third quarter of 2011. Net revenue for the asset management division in the third quarter was £246m, compared to £256.8m in the third quarter of last year, which included £1.9m in performance fee...
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