- Schroders reported a 5% drop in net income in a 'challenging' market and as as more cash left the company than came in in the first half of the year.

Net income fell to £1,032.6m in the six months to 30 June, while profit before tax and exceptional items fell 14% to £340.4m.

It reported net outflows of £1.2bn in the first half, compared with net inflows of £1.2bn a year earlier, amid continuing 'negative investor sentiment'. It said that the 'risk-off' environment was particularly evident in the Intermediary channel, where there were net outflows of £2.4bn, principally from equity products.

However, its assets under management rose 9% to £444.4bn. Although these reached an all-time high by the end of the period, markets had been relatively weak earlier in the year, which meant that average assets were more than 2% lower than the first half of 2018, the company said.

'The overall pipeline of notified net new inflows is strong. The first part of the Lloyds mandate, around £45bn of assets, will fund in the second half of the year,' said group chief executive Peter Harrison.

It left its interim dividend unchanged at 35p per share.

At 8:59am: [LON:SDRY] Superdry Plc share price was +7p at 440.2p

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