Schroders Posts Record Results With Profits Up 31 PercentKiel Porter
Schroders Plc, the U.K.’s biggest publicly traded money manager, said profit for the first nine months of the year rose 31 percent as it completed its acquisition of Cazenove Capital Holdings Ltd.
Pretax profit before one-time items climbed to 349.6 million pounds ($562 million) from 266 million pounds in the year-earlier period, the London-based company said in a statement today.
Assets under management rose 27 percent to 256.7 billion pounds as the takeover of Cazenove Capital, completed in July, boosted its private-banking operations. The 424 million-pound acquisition generated net inflows of about 700 million pounds in the third quarter, the company said.
“These are strong results,” Chief Executive Officer Michael Dobson said in the statement. “Schroders is well placed for further growth as we continue to invest in our business for the long term.”