UK – Schroders Plc says it had a net outflow of 3.6 billion pounds (5.3 billion euros) in its institutional business in the first three months of 2004.
It said: “Net business outflows amounted to 1.4 billion pounds in the quarter, with net inflows in the retail business of two billion pounds and 0.2 billion pounds in private banking, exceeded by net outflows in the institutional business of 3.6 billion pounds.”
Total assets under management rose 1.5% to 100.4 billion pounds from 98.9 billion pounds at the end of 2003 “as a result of rising equity markets partially offset by net business outflows during the period”.
It said in a trading statement that quarterly profits before goodwill amortisation and tax rose to 30.4 million pounds, up from nine million pounds in the first quarter of 2003.
Asset management revenues rose to 115.1 million pounds from 97.1 million pounds, while profits were up to 23.3 million pounds from 7.7 million pounds.
The overall group pre-tax profit rose to 27.9 million pounds from 6.4 million pounds.
The firm added: “Higher margins on new business won in both retail and institutional in the quarter outweigh the revenue effect of the business lost during the period.”