Private banking and asset management pre-tax profits at Schroders, the London-listed investment firm, fell to £35.9 million ($52.2 million) in the first three months of 2009, compared with £77.1 million a year before.

Total pre-tax profit before exceptional items was £36.1 million, also down on the year-ago period, when it was £77.9 million, the firm said in a statement.

Funds under management at 31 March were £103.1 billion, compared with £110.2 billion at the end of December last year. Private Banking net inflows amounted to £100 million.