Schroders profit rises
British blue chip investment manager Schroders posted an 11 per cent increase in first quarter pre-tax profits from a year earlier but fell short of forecasts as returns on its investment capital flagged.
Pre-tax profit for the three months to the end of March was £103.8m, an advance on £93.2m a year earlier but missing forecasts of 116.8 million pounds from analysts at Numis.
Schroders said in a trading statement that market volatility since the start of the year had impacted demand from retail investors and flows of funds via intermediaries have slowed.
Net inflows during the three months to the end of March, at £3.1bn, were in line with forecasts and mostly to its asset management business.
Private banking contributed £100m inflows, Schroders said.
Total funds under management at the firm stood at £201.4bn, Schroders said, compared with £196.7bn at the end of last year.