StockMarketWire.com - Schroders' H1 pretax profit has slipped to £436.2m, from £438.9m, prior to exceptional items it was £455.3m, up from £453.2m.

"We continued to deliver solid results in the first nine months of the year, with profit before tax of £436.2 million," said CEO Peter Harrison.

"Our diversified business model generated £2.7 billion of net new business and assets under management increased to £375.0 billion.

"We have made progress against our strategic objectives, particularly in North America."

Asset Management net operating revenue for the first nine months was £1,071.3m (2015: £1,032.0m), including performance fees of £13.3m (2015: £12.7m). Profit before tax and exceptional items was £399.1m (2015: £400.4m) and profit before tax was £386.8m (2015: £391.3m).

Net inflows for the nine months were £3.2bn, comprising net inflows of £5.4bn in Institutional and net outflows of £2.2bn in Intermediary. Assets under management at 30 September were £339.4bn (30 September 2015: £263.9bn).

Wealth Management net operating revenue for the first nine months was £162.6m (2015: £157.6m). Profit before tax and exceptional items was £49.5m (2015: £46.5m) and profit before tax was £42.7m (2015: £47.7m). There were net outflows of £0.5bn over the nine months and assets under management at 30 September were £35.6bn (30 September 2015: £30.9bn).

The Group segment comprises central costs and returns on investment capital. Profit before tax in the first nine months was £6.7m (2015: loss before tax of £0.1m).

Shareholders' equity at 30 September 2016 was £2.9bn (30 September 2015: £2.6bn).




At 9:02am: [LON:SDR] Schroders PLC share price was +37p at 2823p



Story provided by StockMarketWire.com