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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.

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