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Schroders&#39 profits plummet

Schroders saw its post-tax profits fall by 109 per cent in 2001, to a loss of £21m from a profit of £221m in 2000.

The group announced it is looking to sell the administration arm of its pensions and unit trust businesses as a cost-cutting measure

Chairman Peter Sedgwick blamed weak equity markets, a high expense base, and the one-off cost of long-term infrastructure projects for the dramatic fall in profits.

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