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Schroders profit before tax up 31 per cent

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Schroders has reported record results with profit before tax and exceptional items up 31 per cent to GBP349.6m, according to an interim management statement for the nine months to 30 September 2013.

Profit before tax and exceptional items for the three months to 30 September was up 37 per cent to GBP121.6m (Q3 2012: GBP88.6m).
  
Michael Dobson (pictured), chief executive, says: “These are strong results with assets under management up 27 per cent over the past year to GBP256.7bn and profit before tax up 31 per cent to GBP349.6m reflecting the strength of our highly diversified business. Cazenove Capital has materially strengthened our wealth management business and added to our capabilities in equities, multi-manager and fixed income and generated net inflows of GBP0.7bn in the third quarter. We see a broad range of new business opportunities in the UK and internationally on the back of competitive performance, proven investment talent and strong distribution and remain confident that Schroders is well placed for further growth as we continue to invest in our business for the long term.”
 
Asset management net revenue for the three months to 30 September was GBP315.0m (Q3 2012: GBP246.0m), including performance fees of GBP17.5m (Q3 2012: GBP1.9m) and profit before tax and exceptional items was GBP109.6m (Q3 2012: GBP85.8m).  For the first nine months of 2013, asset management profit before tax and exceptional items was GBP321.7m (2012: GBP261.0m).  Net inflows in the three months to 30 September were GBP1.7bn, including GBP0.6bn in Cazenove Capital funds, taking net inflows for the nine months to GBP6.5bn. Assets under management at 30 September were GBP226.8bn (30 September 2012: GBP186.7bn).
 
Wealth management net revenue for the three months to 30 September was GBP47.0m (Q3 2012: GBP24.6m) and profit before tax and exceptional items was GBP10.4m (Q3 2012: GBP4.0m).  For the first nine months of 2013, wealth management profit before tax and exceptional items was GBP21.0m (2012: GBP14.4m).  Net outflows in the three months to 30 September were GBP0.7bn reflecting the expected loss of a large custody account. Net outflows year to date are GBP1.0bn and assets under management at the end of September were GBP29.9bn (30 September 2012: GBP16.1bn).
 
The group segment comprises central costs and returns on investment capital, including seed capital invested in new products.  The result for the group segment for the three months to 30 September was a profit before tax and exceptional items of GBP1.6m (Q3 2012 loss: GBP1.2m). For the first nine months of 2013 the profit before tax and exceptional items was GBP6.9m (2012 loss: GBP9.4m).  
 
Shareholders’ equity at 30 September 2013 was GBP2.2bn (30 September 2012: GBP2.0bn). 

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