Schroders says profits surge 29 percent

LONDON Thu Aug 8, 2013 2:16am EDT

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LONDON Aug 8 (Reuters) - British fund manager Schroders said its first-half pretax profit surged 29 percent after it pulled in more money from clients and earned more fees in its core asset management business.

Schroders said on Thursday profit before tax and exceptional items rose to 228 million pounds ($353.8 million) from 177.4 million a year earlier.

Net inflows came in at 4.5 billion pounds, and combined with rising markets this lifted assets under management to 235.7 billion pounds, a 21 percent rise from the 194.6 billion reported a year earlier.

Schroders said it would increase its interim dividend by 23 percent to 16 pence per share.

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