British fund manager Schroders has posted profit before tax of £282.3m for the first half of 2016, down 2.7% from £290.3m in the prior year.

Profit before tax and exceptional items was £293.7m, a fall of 3.9% from £305.7m the year ago.

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The firm's total assets under management (AuM) for the half year ended 30 June 2016 stood at £343.8bn, a rise of 9.8% compared to £309.9bn at the end of the first half of 2015.

Wealth Management

The firm's wealth management arm reported net operating revenue of £107.1m for the first half of 2016, a rise of 1.3% from £105.7 the prior year.

Profit before taxes rose 9.2% to £28.4m from £26m in the first half of 2015. 

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The unit's AuM at the end of June increased 5.6% to £33.8bn from £32bn the year earlier. The wealth division also posted net outflows of £0.4bn, all of which were recorded in the second quarter.

Asset Management

Schroders' asset management division recorded net operating revenue of £687.8m for the first half of 2016, down 0.7% from £692.9m the year ago.

The unit's profit before tax was £249.1m, a decline of 6% from £265m the year ago.

The division recorded net inflows in £4.4bn in Institutional channel. AuM in Institutional channel stood at £203.6bn at the end of June, up 16% from £175.5bn in the prior year, while AuM in Intermediary increased 3.9% year-on-year to £106.4bn.

Schroders group CEO Peter Harrison said: “We have delivered good results in the first half of 2016. Assets under management reached a record level of £343.8 billion.

There was heightened market volatility throughout the period, particularly towards the end of June, following the result of the referendum on the UK’s membership of the European Union. We expect the current market environment to persist and this may have an impact on investor demand. Our diversified business model continues to perform well and we are well placed to create value for our clients and our shareholders over the long term.”