Schroders shares plummet on Q1 results

Schroders saw its share price fall more than 5% on the release of its first-quarter results this morning.

Shares dived 5.34% or 100 points to £17.72 as the group revealed funds under management grew by £4.7bn in the first quarter, driven by the flows into its institutional business, but profits fell short of analysts' expectations. In its interim management statement covering the three months to 31 March 2011, the group said it saw net inflows of £3.1bn and investment returns of £1.6bn, taking total funds under management to £201.4bn, compared to £196.7bn in December 2010. Pre-tax profits climbed to £103.8m, up from £93.2m in the first quarter of last year. Profit before tax in the asset ...