FUND manager Schroders posted forecast-beating 2009 profit yesterday, helped by a return of risk appetite that saw strong net inflows into its products, and said 2010 had kicked off in style.
The company said it was seeing “high levels of net inflows in institutional and intermediary and we see further significant organic growth opportunities longer term”.
Finance director Kevin Parry, who described the performance as “cracking”, said he was worried in the short term that a new fall in markets could send retail investors scurrying for safety. “We are cautious to see how matters develop. Clearly there are a number of economic challenges that every government is facing and, in our business, this matters,” he said.
Schroders said 2009 pre-tax profit before exceptional items fell 31 per cent to £200m. The firm saw record net inflows of £15bn in 2009 compared to net outflows of £9.6bn in 2008. Net institutional inflows were £4.9bn, while the bulk – £9.6bn – came in the retail segment.