The British money manager Schroders said last Thursday that its third-quarter profits increased by 18% because of the surge of its net inflows that touched its record high of $441 billion or 276 billion pounds.
According to the fund manager, it was able to pick up 2.2 billion pounds for the third quarter which concluded in September 30 growing its overall net income for 2014 of 7 billion pounds.
This better than expected rise in profits for the third quarter of the year boosted the profit before tax and special items for the firm 142.9 million pounds which is 18% higher than what it recorded a year ago. This figure is also higher than the 131 million pounds that experts estimated.
From January to September of 2014, the pretax profit for the firm summed to 404.4 million pounds.
The firm’s Chief Executive Michael Dobson said that Schroders have sustained generating net inflows in all its networks for the previous month even with the unpredictability in the market.
Dobson further said that inflows in intermediary are now showing strong in the Asia-Pacific as well as in Europe.