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Schroders Q1 profits down 54%

Schroders has reported a 54 per cent drop in first quarter pre-tax profits to £35.9m from £77.9m for the three months to March 31.

Funds under management were £103.1bn down from £110.2bn at the end of December.

Profit before tax for the group’s asset management and private banking and exceptional items were down to £35.9m from £77.1m in the same period.

Asset Management income for the quarter fell to £131.9m down from £197.1m in Q1 2008 while that for private banking slipped £26.4m from £27.4m, the previous year.

The group says the high level of volatility in financial markets in Q1 is likely to persist and continue to affect investor demand. Against this backdrop the firm intends to further cut costs this year and in 2010.

It says: “Competitive investment performance, a proven distribution capability, diversified geographic and product offerings, and a strong financial position continue to be competitive advantages in a more challenging environment.”


UK GDP down 1.6% in first quarter

The Chancellor has revealed that UK GDP fell by 1.6 per cent in the first quarter of 2009 and predicts the economy will contract by 3.5 at the end of the year.

Happy while you work

Well we’ve had scorching weather (yes even up here in Scotland!) and now the Euros 2016 are on – you can’t blame people for wishing life was just one big holiday.  With all these distractions it sometimes feels like work just gets in the way of having a good time! But sunny day skivers are […]


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