Schroders first-half pretax profit down 14% as outflows hit revenues

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 01/08/2019 - 08:34•Updated 25/04/2024 - 13:56

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LONDON (Reuters) - British asset manager Schroders <SDR.L> said pretax profits fell 14% in the first half of the year, hit by weaker market sentiment and outflows of client cash.

Pretax profit in the six months to end-June was 319.3 million pounds, down from 371.1 million in the same period a year earlier. Net outflows over the period were 1.2 billion pounds, it said in a statement on Thursday.