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Schroders sees profits rise 21 per cent in first nine months of 2015

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Schroders has reported a 12 per cent increase in profit before tax and exceptional items for the nine months to the end of September to GBP453.2 million (2014: GBP404.4 million). Profit before tax meanwhile, is up 21 per cent to GBP438.9 million (2014: GBP364.2 million).

Net inflows for the period were GBP8.3 billion (2014: GBP7.0 billion), while assets under management totalled GBP294.8 billion (30 September 2014: GBP276.2 billion).
 
Michael Dobson, Chief Executive, says: “In the first nine months of the year profit before tax increased to GBP438.9 million and we generated GBP8.3 billion of net new business. These results reflect the resilience of our diversified business at a time of heightened market volatility.”
 
Asset Management net revenue for the first nine months was GBP1,032.8 million (2014: GBP950.5 million) including performance fees of GBP12.7 million (2014: GBP11.7 million). Profit before tax and exceptional items was GBP400.4 million (2014: GBP354.8 million) and profit before tax was GBP391.3 million (2014: GBP341.6 million). Net inflows for the nine months were GBP8.1 billion, comprising GBP3.5 billion in Institutional and GBP4.6 billion in Intermediary.  Assets under management at 30 September were GBP263.9 billion (30 September 2014: GBP245.7 billion).  On 1 October a further GBP2.3 billion of net new business was funded in Institutional.
 
Wealth Management net revenue for the first nine months was GBP157.3 million (2014: GBP162.2 million).  Net revenue in 2014 included the release of a GBP7.5 million loan loss provision and performance fees of GBP2.8 million.  Profit before tax and exceptional items was GBP46.5 million (2014: GBP49.2 million) and profit before tax was GBP47.7 million (2014: GBP33.6 million). Net inflows for the nine months were GBP0.2 billion (2014: GBP0.4 billion) and assets under management at 30 September were GBP30.9 billion (30 September 2014: GBP30.5 billion).
 
The Group segment comprises central costs and returns on investment capital including seed capital invested in new strategies. Profit before tax and exceptional items for the first nine months was GBP6.3 million (2014: GBP0.4 million). The loss before tax for the first nine months was GBP0.1 million (2014 loss: GBP11.0 million).
 
Shareholders’ equity at 30 September 2015 was GBP2.6 billion (30 September 2014: GBP2.4 billion).

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