Schroders profit triples

10th Mar 2011 07:47

Fund manager Schroders grew full-year profit three-fold in 2010 and broke records in most areas, including assets under management at an all time high.Profit before tax for the year soared to £406.9m from £137.5m in 2009 when exceptional losses hit £62.7m. Stripping out one-off items, profit doubled from £200.2m.An operating profit of £381.8m was almost £10m short of where analysts at RBS wanted it to be, though net revenue of £1.16bn was bang on target. Two thirds of sales were from clients outside the UK.Net new business inflows rose to £27.1bn from £15bn a year ago, lifting funds under management at the year end to £196.7bn from £148.4bn at the end of 2009. FUM has increased a bigger than expected 8% since September."We expect the economic recovery to continue in 2011 which should support asset prices over the year," the firm said, though it warned, "Markets will continue to be volatile in the face of increasing inflationary pressures, interest rates trending upwards in many countries and heightened political risk in developing markets."A final dividend of 26p a share increases the total payout by 19% to 37p,