Schroders Private Banking profits down by 4% - Spear's Magazine

Schroders Private Banking profits down by 4%

Private banking profits at Schroders fell 4 percent last year to a still-resilient £39.7 million, with net new business of £0.4 billion over the course of the year.

Private banking profits at Schroders fell 4 percent last year to a still-resilient £39.7 million, with net new business of £0.4 billion over the course of the year. Funds under management within private banking grew £2 billion over 2008, to hit £11.7 billion.

Asset management profits fell 6 percent at the group, while funds under management fell 21 percent to £110.2 billion. Schroders blamed both falling equity markets and investor withdrawals for the retreat. Meanwhile, redundancy costs made a one-off charge of £18.7 million for the division.

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