Schroders Posts Drop In Q1 Pretax Profit

Schroders PLC SHNWF reported a drop in its pretax profit in the first quarter. It also reported a 6.6% rise in assets under management. Its profit before tax declined to GBP95.5 million, from GBP103.8 million in 2011. Private Banking net revenue dropped to GBP27.1 million from GBP30.1 million. Total assets under management at March 31 came in at GBP199.6 billion, versus GBP187.3 billion at Dec. 31, 2011.