SCHRODERS share price hit a 12-year high yesterday afternoon after it announced a pre-tax profit of £282.7m for the first nine months of 2010, compared with £79.9m for the same period in the previous year.
The pre-tax profit has more than doubled to £94.5m for the quarter, up from the figure of £43.6m in the same three months a year earlier.
The investment bank also yesterday revealed that there have been inflows of £21.5bn of new money since the start of the year, including £5.4bn in the past three months, double the amount that some analysts had predicted.
Seventy-nine per cent of the new investment in 2010 has come from overseas investors, and the Asia Pacific region was responsible for £7.3bn of institutional investment in the first nine months, said Schroders, although its traditional stronghold of Europe is still its strongest region.
It is the largest publicly traded asset-management company by market value in Europe.
As of 30 September the wealth manager said that it had £181.5bn under management, a big increase from the figure of £138.9bn at the same time last year.
The news was a shot in the arm for shares in Schroders. They were the biggest riser by price on the FTSE yesterday, closing 87p, or 5.79 per cent, higher on the day at 1,667p.
Its previous high was way back in July 1998.