UK - Schroder Investment Management's interim pre-tax profits have more than doubled from £27.2m to £60.8m this year.
The increase comes despite an increase in net institutional outflows. For the first half of the year, Schroders lost £4.5bn worth of institutional mandates, compared to the £2.5bn it lost during the same period the previous year.
The fund manager said that of the £4.5bn it saw in outflows during the first half, £4bn was due to clients moving from balanced and multi-asset mandates towards specialist management.
Despite haemorrhaging balanced business, Schroders’ total institutional assets under management have actually increased.
At June 30, 2004, its total institutional assets under management stood at £68.4bn against £66.4bn last year.
Schroders attributed the increase to its success in winning specialist mandates and its investment performance.
The firm said that it had achieved good investment performance across its range of UK and European equity products, Japanese equities, small-cap equities globally and international fixed income.
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