Schroders clients plough in record £9.7bn

Fund manager and private bank Schroders had record inflows of investors' money at £9.7 billion in the first quarter as both retail and institutional investors clambered aboard rising markets.

Retail demand slowed more recently as investors paused for breath but institutional appetite still remains strong and chief executive Michael Dobson described it as "a very good quarter".

By the end of March funds under management were 68% up on a year ago at £167.9 billion. Group pre-tax profits for the quarter recovered sharply from £12.2 million to £93.2 million.

Schroders scored an extra £27.2 million in performance fees the majority of which came from gains realised for investors in a European property fund.