Schroders sees net inflow of funds – MoneyWeek
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Schroders sees net inflow of funds – MoneyWeek

Duringthesecondquarterthegroupsawanetinflowoffundsof£1。

1bn,butthiswaswipedoutandthensomebynegativeinvestmentperformance。

ProfitbeforetaxforthesixmonthstotheendofJuneeasedto£177。

4mfrom£215。

7m,whichmeansprofitabilityinthesecondquarterslippedto£81。

9mfrom£95。

5minthefirstquarter。

Schroderssaidtheyear-on-yearfallinprofitsreflectedthelowerlevelofmarketsandassetsundermanagementcomparedtoayearearlier,

TheAssetManagementdivisionshalf-yearprofitbeforetaxwas£175。

2m,downfrom£203。

1mtheyearbefore。

Secondquarterpre-taxprofitwas£86。

6m,downacoupleofmillionquidonthefirstquartersresult。

Thedivisionsnetrevenuewas£491。

0m,downfrom£534。

6mtheyearbefore。

ThemuchsmallerPrivateBankingdivisionsawprofitbeforetaxslideto£10。

4mfrom£12。

3mtheyearbefore。

Inthefirstquarter,thisdivisionhadnotchedupapre-taxprofitof£6。

4m,whichmeanssecondquarterprofitsweredownquarter-on-quarterat£4。

0m。

NetrevenuesinPrivateBankingweredownbynearlyone-tenthat£52。

6mfrom£58。

0millioninthefirsthalfof2011,largelyduetoareductioninassetsundermanagementcomparedtolevelsayearagobutalsoadeclineinnetrevenuemarginsasclientsmovedtowardsmoredefensivestrategiesandtransactionvolumesfell。

Earningspersharetumbledto50。

7pfrom60。

7pinthefirsthalfof2011。

Nevertheless,theinterimdividendhasbeenheldat13p。

Investordemandacrossourbusinesswillbeaffectedbythehighlevelofmacroeconomicandmarketuncertaintywhichweexpecttopersistfortheremainderoftheyear。

Inthischallengingenvironmentourbroadproductrangeandglobalclientbaseisresultinginaresilientperformance,thegroupsstatementsaid。

JH

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