UK - UK asset manager Schroders has failed to stem the continuous institutional outflows it has experienced since last year, the firm's latest figures reveal.
In a trading update for the three months to 30 September 2007, the asset manager said institutional clients withdrew a total of £2.9bn (€4.15bn), principally in UK balanced and Asian equity mandates.
Schroders, however, added its "institutional revenues have continued to grow, reflecting our focus on higher margin products".
Despite the outflow, Schroders said its funds under management at the end of September were £137.7bn, as opposed to £137.6bn at the end of June, with inflows in retail and private banking.
A spokeswoman for the company told IPE the firm has been slowly changing its strategy towards more value-added and higher margin business, explaining the continuous losses in the lower margins such as UK balanced mandates.
However, the spokeswoman added Schroders would not contemplate a relaunch to further promote its new strategy.
In August, IPE reported in the first half of this year Schroders Schroders lost £4.1bn in institutional money.
If you have any comments you would like to add to this or any other story, contact Carolyn Bandel on +44 (0)20 7261 4622 or email email@example.com