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Schroders boosts underlying group profits

Schroders reported group profits before tax of 132.3m for the six months to June 30, up from 123.5m last time.

Asset management profits before tax were down slightly to 96.8m compared to 99.8m last year although asset management revenue increased by 21 per cent to 377.3m. The company says the increase was driven by higher margins and overall market levels.

Net retail inflows were up from 1.6bn to 2.3bn over the same period with emerging market products and the absolute return strategic bond contributing strongly to the increase.

The groups funds under management remained stable over the same period at 122.3bn compared to 122.5bn last time.

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