LONDON -(Dow Jones)- Schroders PLC (SDR.LN) Tuesday said retail and institutional investors are flocking to its stock and bond funds, as it reported a 22% rise in third-quarter assets under management that takes them back to levels seen before last year’s financial crisis.
LONDON -(Dow Jones)- Schroders PLC (SDR.LN) Tuesday said retail and institutional investors are flocking to its stock and bond funds, as it reported a 22% rise in third-quarter assets under management that takes them back to levels seen before last year’s financial crisis.
The U.K. asset manager said it now manages GBP138.9 billion, up from GBP113.3 billion at June 30 and compared with GBP130.2 billion in June 2008.
Quarterly pretax profit before exceptional charges was GBP57.8 billion, beating analyst forecasts though down 19% from GBP71.5 million in the same 2008 period and reflecting the lower asset base at the start of the quarter.
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The company didn’t comment on the results, or give an outlook for the rest of the year. The numbers were better than analyst expectations and highlight how Schroders is bouncing back from the crisis faster than many of its peers because of its higher exposure to stock markets.
Schroders manages stock and bonds funds, as well as funds specializing in hedge-fund strategies and property. The company also runs a private bank.
Revenue from asset management for the quarter was GBP177.5 million, compared with GBP188.1 million in the third quarter of 2008. Income from private banking was GBP23.6 million, down from GBP29 million in the comparable 2008 period.
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