U.S. News

Schroders Says Full-Year Profit Rose 16%


Schroders, a Britain-based money manager, said Friday that full-year profit rose 16% after the company boosted profit at its asset management and private banking units.

Net income in the 12 months through Dec. 31 rose to 221.3 million pounds ($434.2 million; 328.6 million euros), from 191.3 million pounds in the previous year, the company said in a statement. Revenue jumped 20% to 967.2 million pounds ($1.9 billion; 1.4 billion euros).

Profit from private banking activities nearly quadrupled to 26.9 million pounds ($52.8 million; 39.9 million euros), while asset management profit advanced 13% to 219 million pounds ($429.7 million; 325.2 million euros).

"We expected 2006 to be a year of consolidation after four years of rapid growth in profit and with a program of investment under way to position the firm for longer growth," the company said. "It is very pleasing therefore to report another year of significantly higher profit."

The shares rose 5.6% to 1,140 pence ($22.37; 16.92 euros) on the London Stock Exchange.