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Schroders profits down 19%

Schroders has revealed profits of £57.8m for Q3 2009, down 19.2 per cent on £71.5m in Q3 2008.

The fund manager reported third quarter net inflows £7bn, of which £3.7bn were originated through intermediaries and £3.3bn through institutional investors.

Funds under management totalled £138.9bn, up from £113.3bn at the end of the second quarter of the year.

Asset management income for the quarter was £177.5m, down from £188.1m in Q3 2008. For the first nine months, asset management profit before tax and exceptional items, which included costs of £1.3m due to redundancy, was £121.6m, down from £198.8m in 2008.

Private banking income for the quarter was £23.6m, down slightly on £29m 12 months ago. Profit before tax was £6.3m, down from Q3 2008’s £11.6m.

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