6th Nov 2014 08:04
LONDON (Alliance News) - Schroders PLC Thursday reported a rise in assets under management over the course of the third quarter, citing GBP2.2 billion of net inflows and GBP2.5 billion of investment returns, foreign exchange and other factors.
In a statement, the FTSE 100 asset manager said its assets under management rose to GBP276.2 billion at the end of September from GBP271.5 billion at the end of June.
Schroders said it made a GBP130.3 million pretax profit in the third quarter, compared with GBP106.2 million in the corresponding period last year.
Schroders's pretax profit increased to GBP364.2 million in the first nine months of the year, from GBP327.9 million in the corresponding period last year.
Before exceptional items, which include items such as acquisition costs and integration and restructuring costs, third-quarter pretax profit rose to GBP142.9 million from GBP121.6 million.
Schroders made a GBP404.4 million profit before tax and exceptional items in the first nine months of the year, compared with GBP349.6 million in the corresponding period last year, despite a GBP27 million hit due to the strength of sterling.
"We have won net new business of GBP7.0 billion in the first nine months of the year and have continued to generate net inflows across all channels in October, despite market volatility," Chief Executive Michael Dobson said in a statement.
"Inflows in intermediary have been strong in Continental Europe and Asia-Pacific, particularly in income products across a number of different asset classes. In Institutional, we have a significant pipeline of business won but which has not yet been funded," Dobson added.
Schroders shares were up 1.5% at 2,486.00 pence shortly after the open on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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