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...
To continue reading this article...
Join Professional Adviser
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.
