Schroders, the asset manager based in London, has announced a decline in pretax profit for the first half of 2023. This decrease is primarily attributed to the negative market performance which led to a decline in assets under management.
For the six months ending on June 30, Schroders reported a pretax profit of £275.6 million, down from £312.8 million during the same period last year. However, the company's revenue increased from £1.43 billion to £1.48 billion.
Due to negative markets, foreign exchange fluctuations, and investment performance, the total assets under management at the end of June 30 stood at £726.1 billion, compared to £737.5 billion six months earlier.
During this period, Schroders generated £5.7 billion in net new business, excluding joint ventures and associates. The company has also declared an interim dividend of 6.5 pence per share, consistent with the previous year.
Despite these challenges, Chief Executive Peter Harrison expressed confidence in the long-term outlook for the business. Schroders' resilient strategy, diversified capabilities, and global footprint support their positive outlook.
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