Schroders has posted first quarter net revenue from private banking of £24.3 million, falling from £26.4 million from the same period a year before, largely as a result of lower interest income. Pre-tax profit from private banking was £1.3 million for the first quarter of the year, compared to £8.3 million in Q1 2009, after a £3.6 million provision for doubtful debts was made.

Funds under management for this division stood at £13.7 billion at the end of March, with net inflows of £0.4 billion coming in over the first quarter of this year.

Within asset management, Schroders reported record net inflows of £9.3 billion, taking funds under management to £154.2 billion at the end of Q1 2010 – a rise of 68 per cent from a year before. Institutional funds accounted for £6 billion of the inflows over the quarter, and 3.3 billion was derived from intermediaries.

Net revenue from asset management for the first quarter was £244.8 million, compared to £127.5 year-over-year, while profit before tax was from this division was £88.9 million, falling from £20.9 million for the first quarter of 2010.

As a whole, Schroders reported a pre-tax profit of £93.2 million for the first quarter of this year, compared to £12.2 million a year before. Total funds under management stood at £167.9 billion at end-March 2010, having been £148.4 billion at the end of 2009.