Sizeable mark-to-market write-downs of asset backed securities, and a sharp drop in sales of private equity investments cut Q1 pre-tax profits at Schroders from £93.2m to £42.2m, the fund management and private banking group revealed Thursday. However, the UK group’s core businesses increased profits in the quarter despite the challenging conditions, as its strategy of shifting towards higher margin businesses paid off. In early trading the shares slipped 4% to £10.52.

This entry was posted by Gwen Robinson on Friday, April 25th, 2008 at 5:26 and is filed under Capital markets. Tagged with schroders. Edit this entry.