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Schroders profits increase 41 per cent

Fund manager Schroders has announced a 41 per cent increase to £129.5m from £92m in pre-tax profits in the six months ending June 30.

The increase is primarily due to growth in its private equity arm, which saw an increase to £50m from £14.9m in the first half of 1999. Its asset management arm grew only slightly to £82.5m from £77m.

The report is the first since Schroders sold its investment bank to Salomon Smith Barney for £1.35bn last year. Its decision to focus on its core business has been rewarded by its results.

Funds under management rose by £1bn to £143.6bn, although this is more due to the performance of the stockmarkets than any particular strategy on its part.

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