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Schroder profits edge up

Merchant bank Schroder boosted profits last year, largely due to strong performance from its asset management arm.

Profits rose by 2.5 per cent to £245m from £239m in 1996. The asset management business contributed £154.1m, up by 17 per cent from £132m in 1996.

Total funds under management rose by 22 per cent to £106.9bn from £87.6bn in 1996.

However, profits from the bank&#39s investment and merchant banking activities were hit by a £32m provision for losses caused by the Asia currency crisis.

This includes a £8m provision for restructuring its Asian operations.

The provision forced profits from the investment and banking arm down to £90.8m from £106.7m in 1996.

Chairman Win Bischoff says the investment banking operations in Europe performed well but produced a lower profit in North America compared with 1996.

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