British fund manager Schroders has posted pre-tax profit of £153.9m for the third quarter of 2016, a rise of 3.5% compared to £148.6m in the corresponding period of last year.
Profit before tax and exceptional items was £161.6m, an increase of 9.5% from £147.5m a year earlier.
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The group’s total assets under management (AuM) at the end of September 2016 stood at £375bn.
Wealth Management
Schroders' wealth management division posted net operating revenue of £55.5m for the third quarter of 2016, up 6.9% compared with £51.9m a year ago.
The unit's profit before tax and exceptional items increased 3.6% to £17.1m from £16.5m a year ago, while profit before tax dipped 34.1% year-on-year to £14.3m.
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By GlobalDataThe unit’s assets under management at 30 September 2016 were £35.6bn.
Asset Management
Schroders' asset management arm reported net operating revenue of £383.5m for the third quarter of 2016, up 13.1% compared to £339.1m a year ago.
The division's profit before tax and exceptional items was £141.5m, a rise of 9.3% from £129.4m in the prior year, while profit before tax increased 9% year-on-year to £137.7m.
Assets under management at the unit at the end of September 2016 were £339.4bn.
Schroders group CEO Peter Harrison said: “Our diversified business model generated £2.7 billion of net new business and assets under management increased to £375.0 billion. We have made progress against our strategic objectives, particularly in North America.”
