Reuters: Financial Services and Real Estate: UPDATE 1-Schroders posts Q1 net inflows, rising AUM

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UPDATE 1-Schroders posts Q1 net inflows, rising AUM May 3rd 2012, 06:31 Thu May 3, 2012 2:31am EDT * Pretax profit 95.5 million pounds vs 91.5 mln f'cast * Net inflows 1.6 billion pounds * Total AUM 199.6 billion pounds By Anjuli Davies LONDON, May 3 (Reuters) - Blue chip investment manager Schroders reported first-quarter profits slightly above expectations as net flows from institutional investors buoyed assets under management. Schroders said pretax profit for the three months to end-March was 95.5 million pounds ($154.75 million), compared with consensus analyst forecasts of 91.5 million. First quarter net inflows at 1.6 billion pounds, were also slightly above forecasts of 1.2 billion pounds, largely due to a 1.7 billion pound influx of client cash into its instituional asset management business. Private banking saw outflows of 100 million pounds. Total funds under management at the firm stood at 199.6 billion pounds, Schroders said, compared with 187.3 billion pounds at the end of last year. The Group posted 6 million pounds of performance fees in the quarter down from 7.8 million a year earlier. "In the short term, macro-economic uncertainties and volatility in financial markets make it hard to predict flows," the company said. "Over the Long term, we continue to see a broad range of opportunities in our core business in institutional and intermediary, in addition to which we have a number of new products coming on stream later this year." The 200-year old British fund firm announced the acquisition a 25 percent stake in India's Axis Asset Management Co, aiming to tap into growing business opportunities in Asia's third-largest economy and meet demand for financial products from its burgeoning middle class. Schroders shares closed at 1,421 pence on Wednesday. Link this Share this Digg this Email Reprints

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