Schroders' pre-tax profits fall 8%

Schroders reported a 6.6% rise in assets under management (AUM) in the first quarter of the year, but said pre-tax profits are down year-on-year.

The firm's AUM rose to £199.6bn, supported by positive inflows in the first quarter of £1.6bn, mainly down to an influx of new business into its institutional fund range.However, on a gloomier note inflows are down from £3.1bn in Q1 2010. Pre-tax profit has also fallen from £103.8m in Q1 2011 to £95.5m, an 8% annual decline. The asset management side of the business also reported a decline in net, from £261.2m last year to £250.8m. The results were slightly above analysts' expectations who anticipated the group would report a steeper decline in pre-tax profits, at £91.5m. Meanwh...