LONDON, Nov 7 (Reuters) - British fund manager Schroders recovered from outflows earlier this year to win back clients in the third quarter, helped by buoyant stock markets and investor confidence since the summer sell-off.
The firm posted net inflows of 1 billion pounds, above RBC Capital Markets’ forecast of 900 million pounds, as new client money into its asset management business more than offset outflows in wealth management.
In August, Schroders said that while retail investors had pulled money from its funds in the second quarter amid worries about a U.S. withdrawal of monetary stimulus, most had since bought back into its products in July.
Profit before tax and exceptional items for the three months to end-September rose 37 percent to 121.6 million pounds, slightly below RBC Capital Markets’ forecast.
“We ... remain confident that Schroders is well placed for further growth as we continue to invest in our business for the long term,” said CEO Michael Dobson in the statement.