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Shroders profits fall in first half of year

Schroders underlying asset management profit has fallen to £46.8 million for the first half of this year from £74.2m for the same period last year.

Its pre-tax profit for the six months to June 30 is down to £20.5m from £41.5m and its funds under management have fallen to £102.7bn from £110.4bn in December last year. Revenues were down to £250.1m from £276.6m in the first half of 2001.

In UK retail fund management it is in advanced negotiations for the sale of Schroder Pensions, its defined contribution administration platform and has reached agreement for the outsourcing of the UK unit trust transfer agency business.

It says its results were adversely affected by sharp falls in equity markets and transition in the Group as it restructures its business, upgrades its technology platform and outsources many administrative and processing functions.


Newcastle launches bond deposit account

Newcastle Building Society is launching a guaranteed bond deposit account which allows investors to participate in the growth achieved by five funds investing in world markets.Newcastle says the funds are all five-star rated by Standard & Poor&#39s Micropal and have outperformed their benchmark indices since inception. They are the Credit Suisse bond fund, Fidelity European […]

Britannic Group appoints new MD

Britannic Group has promoted Bryan Portman to group managing director from his current role as group finance director. Portman, 53, joined the group on June 28 2001 from Old Mutual Life where he was chief executive. Harold Cottam will continue as executive chairman of Britannic Group.

E-learn and earn

The financial services sector has seen many mergers and acquisitions in recent years, with some of the biggest and best-known financial brands in Europe joining forces in an increasingly competitive market environment. Financial institutions are constantly having to update, rebuild and integrate IT systems to create a solid infrastructure that will support their customer base […]

&#39Post-polar world will see IFAs prosper in rich sector&#39

IFAs who turn to the top end of the investment market will prosper as a result of depolarisation and the Sandler proposals, according to investment analysts Cerulli Associates. As part of its latest UK fund industry research, Cerulli predicts IFA market share will increase from the current 44 per cent to 51 per cent by […]


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