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Schroders sees strong inflows but profits fall back

Schroders has seen £3.9bn of inflows in the second quarter of 2009.

The firm saw £2.3bn of inflows through the intermediary sector and a further £1.6bn through institutional mandates. The second quarter inflows offset net outflows of £2.1bn in the first quarter.

However the firm saw its pre-tax profits fall from to £76.9m in the first six months of 2009, compared to £173.3m the year before. Total profit before tax after exceptional items was £36.3m, down on the £135.7m for the first half of 2008.

Income fell 30 per cent on the asset management side to £283.5m. Profit before tax on exceptional items was £66.3m, compared to £138.1m in the first six months of 2008.

The firm says investment performance has been strong in most asset classes with 80 per cent of its funds outperforming in the past 12 months. The group says intermediary demand has also improved with people moving out of cash into higher yielding investments.

The group maintained its dividend at 10p per share.


Godley joining Morgan Stanley

Morgan Stanley has appointed former Quantum Asset Management head of distribution Neville Godley as vice-president of its retail structured products distribution team.


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