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October 28, 2008

Schroders sees profit growth slow dramatically

By Spear's

Profit growth slowed considerably at Schroders joint asset management and private banking divisions in the third quarter.

28.10.08

Profit growth slowed considerably at Schroders joint asset management and private banking divisions in the third quarter, but for the year to date showed almost 6 percent growth.

Total group profits for the year are down almost a quarter, and for the third quarter alone fell 20 percent to £78 million, from £98.1 million in Q307, led by losses in private equity.

Profit growth at Schroders Private Banking slowed in the third quarter, rising just under 3 percent to £11.6 million, from £11.3 million the previous year. Overall for the year, divisional profits reached £33.9 million, a 25 percent increase on 2007.

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