5th Nov 2015 07:57
LONDON (Alliance News) - Schroders PLC on Thursday said it showed resilience so far this year as the asset manager took a GBP14.6 billion hit due to weak investment performance in the third quarter.
In a statement, the London-listed money manager said that assets under management fell to GBP294.8 billion at the end of September from GBP309.9 billion at the end of June. Assets under management amounted to GBP300.0 billion at the end of 2014
Net outflows amounted to GBP0.5 billion, meaning the fall in assets under management was largely due to investment performance.
That means that net inflows across the nine months to September 30 amounted to GBP8.3 billion, while the hit from investment performance was GBP13.5 billion.
Pretax profit was GBP148.6 million in the quarter to September 30, compared with GBP130.3 million the corresponding period the prior year.
"In the first nine months of the year profit before tax increased to GBP438.9 million [from GBP364.2 million in the prior year period] and we generated GBP8.3 billion of net new business. These results reflect the resilience of our diversified business at a time of heightened market volatility," Chief Executive Michael Dobson said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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