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Schroders’ pre-tax profit falls 13% in Q3

Schroders’ pre-tax profits dropped 13 per cent to £88.6m in the third quarter, down from £101.6m in Q3 last year.

The asset manager’s interim accounts, published today, shows profits were hit by a drop-off in performance fees in its asset management division, down from £14.3m in Q3 2011 to £1.9m in Q3 this year.

The asset manager reported net inflows of £5.3bn in the first nine months of the year, higher than the £5.1bn reported during the same period of 2011.

Assets under management reached £202.8bn in the third quarter, up from £194.6bn in Q2.

The intermediary business saw net inflows of £800m in Q3, bringing the total intermediary inflows to £68.3bn for the nine months to the end of September.

A spokesman says: “We expect a slowdown in institutional flows in the short term but demand in intermediary has picked up.

“It is not clear whether this more positive tone in intermediary will be sustained given the uncertain economic background, but long term we are well positioned with a broad product range, competitive investment performance and strong distribution.”



Experts predict quick-fire SJP sale

Analysts predict Lloyds Banking Group will offload its stake in St James’s Place to a large number of institutional investors rather than a single buyer as part of a quick-fire sale exercise. According to The Sunday Times, Lloyds has held discussions with SJP’s management about selling its 60 per cent stake in the wealth management […]


FSA bans adviser jailed for stealing £1m from clients

The FSA has banned an adviser who was jailed for stealing more than £1m from his clients. Derbyshire-based IFA Malcolm Green was jailed for five and a half years in February after admitting 42 counts of fraud, false accounting and obtaining money transfers by deception. Green worked for MG Financial and Insurance Services. A final […]

Threesixty launches business acquisition service

Threesixty Services has launched a new service aimed at assisting firms who are looking to buy or sell adviser businesses. The service for buyers offers three levels of support. The first involves an initial business plan assessment and aims to help firms set realistic targets which will cost around £3,000. The second will offer support […]

Matrix Group placed in administration

Matrix Group and Matrix Securities have been placed in administration, with Begbies Traynor appointed as administrators. Both Matrix Group and Matrix Securities were placed in administration on 6 November, with Neil Mather and Kirstie Provan of Begbies Traynore named as joint administrators. The distribution and fund management teams of Matrix Asset Management have announced a […]


Almost nine in 10 employers admit failings with post-DRA compliance

The default retirement age (DRA) was abolished more than three years ago, yet new research from Jelf Employee Benefits suggests that the vast majority of employers still have some way to go to fully understand, comply and communicate the landmark legislation change that prevents older employees being forcibly retired on the grounds of age alone.


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