UK - Schroders has posted an £18.9m profit before tax in its preliminary results for the year to December 31, 2002.
This compares to a £8.1m loss for 2001 and comes as the managers’ funds under management dropped from £110.4bn at the end of 2001 to just £88.3bn at the end of last year.
Net outflows of institutional funds during 2002 were £5.3bn – down from £8.8bn in 2001, while its underlying asset management profit was down 27% from £105.7m in 2001 to £77m in 2002.
Schroders attributed its overall return to profitability on its moves to reduce costs and exit non-core activities.
It also revealed that its net FRS17 deficit on its £302m UK pension scheme is £10.9m.
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