Schroders recorded third quarter pre-tax profits of £121.6m, it said today, a 37% increase from £88.6m in Q3 2012, as the impact of the acquisition of Cazenove boosted its numbers.
Profits for the nine months to 30 September hit £349.6m, also up sharply by 31% from 2012's figure of £266m. Q3 net inflows into the firm's asset management arm totalled £1.7bn, including £600m into Cazenove funds, taking net inflows for the nine months to £6.5bn. However, its wealth management arm recorded Q3 net outflows of £700m after the loss of a large custody account. Net outflows year to date are £1bn. CEO Michael Dobson said the acquisition of Cazenove had strengthened its wealth management, equities, multi-manager and fixed income capabilities. "We see a broad range of ...
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