Schroders sees profits climb as retail flows fall sharply

Schroders saw pre-tax profits jump in the first half of the year, although net flows into its retail funds fell sharply over the period.

Profit before tax stood at £215.7m over the six months to 30 June, up from £188.2m in the first half of last year. Net new business totalled £5.1bn, and assets under management climbed to £204.8bn. The group’s institutional funds saw strong flow across the board, particularly in multi-asset, equities and fixed income, with strong performance from UK and European funds, the firm said. AUM in the institutional product range was £112.7bn, up from £106.4bn at the end of December 2010. However, the intermediary arm fared less well, with net flows of just £400m, down from £5.1bn in th...