Schroders reports £103.8m pre-tax profits in Q1
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Schroders has announced pre-tax profits of £103.8m in the first quarter of 2011.
The figures is up on the £93.2m reported in the first quarter of 2010, while Schroders has also seen total funds under management rise to £201.4bn, from £196.7bn at the end of last year.
The asset management arm reported an increase in net revenue to £261.2m, up from £244.8m in the first quarter of 2010, while profit before tax jumped to £97.3m, compared to £88.9m in the same period last year. Net inflows stood at £3bn, with £2.8bn coming from the institutional business and £0.2bn from the intermediary.
Funds under management within the asset management arm rose from £180.5bn at December 31, 2010, to £185bn at March 31, 2011.
The private banking arms net revenue increased to £30.1m, up from £24.3m in the first quarter of 2010, while profit before tax stood at £6.7m. The group has reported £0.2m loss in the group segment, compared to a £3m profit in Q1, 2010. Schroders says this reflects lower returns on investment capital.
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