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Schroders : Résultats 3ème trimestre

ER - Acteurs du secteur financier
ABONNÉS

Schroders plc issues its interim management statement covering the nine months to 30 September 2012.

  • Profit before tax £266.0 million (2011: £317.3 million)
  • Net inflows £5.3 billion (2011: £5.1 billion)
  • Assets under management £202.8 billion (30 June 2012: £194.6 billion)
  • 68 per cent. of assets under management outperforming over three years

Total profit before tax for the three months to 30 September was £88.6 million (Q3 2011: £101.6 million), taking profit before tax for the first nine months of 2012 to £266.0 million (2011: £317.3 million).

Asset Management

Asset Management net revenue for the three months to 30 September was £246.0 million (Q3 2011: £256.8 million) including performance fees of £1.9 million (Q3 2011: £14.3 million) and profit before tax was £85.8 million (Q3 2011: £92.7 million). For the first nine months of 2012, Asset Management profit before tax was £261.0 million (2011: £295.8 million).

Private Banking

Private Banking net revenue for the three months to 30 September was £24.6 million (Q3 2011: £29.3 million) and profit before tax was £4.0 million (Q3 2011: £6.7 million). For the first nine months of 2012, Private Banking profit before tax was £14.4 million (2011: £19.0 million).

Group segment

The Group segment comprises central costs and returns on investment capital, including seed capital in new products. The result for the Group segment for the three months to 30 September was a loss before tax of £1.2 million (Q3 2011 profit: £2.2 million), offset by £1.6 million of investment gains through reserves.

For the first nine months of 2012 the loss before tax was £9.4 million (2011 profit: £2.5 million), offset by £8.9 million of investment gains through reserves. Shareholders’ equity was £2.0 billion (31 December 2011: £1.9 billion).

Assets under management

For the three months to 30 September, net inflows were £2.6 billion. Net inflows were £1.9 billion in Institutional and £0.8 billion in Intermediary, with net outflows of £0.1 billion in Private Banking. For the first nine months of 2012, net inflows were £5.3 billion (2011: £5.1 billion). Assets under management were £202.8 billion as at 30 September 2012.

Outlook

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. We expect a slowdown in Institutional flows in the short term but demand in Intermediary has picked up. It is not clear whether this more positive tone in Intermediary will be sustained given the uncertain economic background, but long term we are well positioned with a broad product range, competitive investment performance and strong distribution.

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