UK - Schroders' plc has reported asset management profits totalling £49.9m in Q1 2006, up £15.7m on the previous year's quarter.
From an opening position of £122.5bn at 1 January 2006, funds under management for the group rose 4.8% in the quarter to £128.4bn. Net business outflows were £0.2bn in the quarter, with net inflows of £2.3bn from institutional business.
Overall the Schroders group made a pre-tax profit of £71.4m compared to £50.4m for the same period last year.
Schroders claimed profitability was strong in the quarter on the back of higher equity markets, a further improvement in margin, increased “profits in private banking and gains on group investments”.
Net inflows in emerging market and European equties were offset by net reductions in Japanese and Pan-Pacific equity mandates, Schroder’s claimed.
Meanwhile, Schroders has completed the acquisition of NewFinance Capital, a UK-based fund of hedge funds manager, following regulatory approval from the Financial Services Authority.
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