Schroders dismisses credit crunch - third quarter profit up

Schroders, the fund management group seems to be unaffected by the recent credit crunch after posting a 53% increase in third quarter profits today.

The sharp increase in profits came in spite of a net outflow of funds under management.

The group said funds under management at September 30 were £137.7 million, an increase from the £137.6 million posted at June 30. In addition, pretax profit for the three months ended September 30 was £98.1 million.

Schroders is headquartered in London and is traded on the London Stock Exchange and is a constituent of the FTSE 100 Index.

Back in 2000, Schroders sold its investment banking division to Citigroup and Citigroup’s European investment banking arm traded as Schroder Salomon Smith Barney from 2000 to 2003.

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