Schroders on the climb with £21bn new money

Fund manager Schroders has attracted £21.5 billion of net new money to look after so far this year — well up from the £8.7 billion it gained in the first nine months of 2009.

This was much better than the City expected and the voting shares rose 60p to 1640p.

Much of the booming demand came from overseas investors, which accounted for almost 80% of the net inflows of cash. Inflows continued during October.

Pre-tax profits have likewise rebounded from £79.9 million in the first three quarters of 2009 to £283 million this year.

Helped by improving stock markets, total funds under management rose from £139 billion to £182 billion.