Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a632617

Schroders warns of short-lived intermediary flows recovery

by Sarah Miloudi on Nov 08, 2012 at 08:09

Schroders warns of short-lived intermediary flows recovery

Schroders has said the recovery in intermediary flows may only be temporary as the positivity seen in recent weeks could be quickly wiped away by a fresh bout of economic gloom.

Speaking to shareholders, Schroders said its asset management division pulled in revenue of £246 million over the last quarter, versus £256.8 million during the same stretch in 2011.  Its profit before tax was £85.8 million, compared to £92.7 million in 2011's third quarter.

'We have had positive net flows in institutional and intermediary in each of the first three quarters of 2012, with small outflows in private banking,' Schroders told investors, before adding that it was unsure if the more positive tone in intermediary would be sustained given the 'uncertain' economic background.

The group's private bank, which recently saw Rupert Robinson (pictured), its UK private bank chief executive officer, depart and his role handed to Philip Mallinckrodt, was the only area to witness outflows during the period Schroders reported on.

Broadly, for the three months to 30 September, Schroders' net inflows were £2.6 billion, with £1.9 billion going into institutional and £0.8 billion into intermediary.  Net outflows of £0.1 billion were seen in private banking.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this:

Look up the shares

  • Schroders PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

More from us

Archive

On the road

Click here to find out more from the Audience Development team.

Sorry, this link is not
quite ready yet