Fund manager Schroders triples profits in 2010
British investment manager Schroders said Thursday that group net profits more than tripled to £307.9 million (360 million euros, $497 million) in 2010 as the global economy recovered.
That compared with earnings after tax of £95.4 million in 2009, Schroders said in an earnings statement.
Pre-tax profit, a measure closely watched by analysts in Britain, almost tripled to to £406 million in 2010, beating analyst expectations for earnings of £388 million according to Dow Jones Newswires.
Schroders said it expected the "economic recovery to continue in 2011 which should support asset prices over the year."
However, it warned that markets would be "volatile in the face of increasing inflationary pressures, interest rates trending upwards in many countries and heightened political risk in developing markets."
© 2011 AFP