Schroders FY pretax profit down 15 percent on higher costs, fall in assets

FILE PHOTO: A man walks past the logo of investment management company Schroders at a branch in Zurich, Swtzerland November 5, 2018. REUTERS/Arnd Wiegmann - Copyright ARND WIEGMANN(Reuters)

By Reuters

Published on 07/03/2019 - 11:35•Updated 23/04/2024 - 16:24

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LONDON (Reuters) - British asset manager Schroders on Thursday posted a 15 percent fall in full-year pretax profit on the back of higher one-off costs and a fall in assets under management and fee income.

Pretax profit in the year to end-December was 649.9 million pounds, down from 760.2 million pounds a year earlier. Assets under management fell 6 percent to 421.4 billion pounds amid weaker markets and net outflows of 9.5 billion pounds.