Schroders profits rise but retail flows hit in Q3

Schroders saw net retail outflows of £2.7bn in the third quarter but a rise in performance fees helped boost asset management profits year-on-year.

In its interim statement, the company said AUM had fallen to £182.2bn in the three months to 30 September 2011, down from £204.8bn on 30 June as a result of market movements. Net inflows over the period were flat, as £2.8bn of flows into Schroders' institutional business offset intermediary outflows and a £100m outflow from the private banking business. Performance fees of £14.3m, up from £7.6m in the three months to 30 September 2010, helped drive asset management net revenues for the quarter to £256.8m versus £232.7m in the corresponding quarter last year. Pre-tax profit for the ...