Schroders private banking unit sees surge in profits
The private banking business of UK asset manager Schroders reported a 40% year-on-year rise in pre-tax profit to £22.3m in the first half of 2008.
In a statement Schroders said income for the unit rose 18% to £55.9m on the back of a “more efficient operating platform”.
Net new money grew by £200m, no advance on the level achieved a year ago. Schroders said total assets under management rose to £11.4bn at the end of the first half for the private bank, compared to £9.7bn at the end of 2007.
But the bank added that the end 2007 assets under management figure did not include custody related assets of £800m.
During the first half of the year, the private bank acquired a small private client business in Singapore that added £300m of assets under management.
Total pre-tax profit at the London-based asset manager fell 26.8% year-on-year to £135.7m. Assets under management fell to £130.2bn from £139.1bn at the end of 2007.
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