Pound's Brexit slump gives lift to SchrodersComments Off on Pound's Brexit slump gives lift to Schroders
SCHRODERS, one the UK’s biggest fund managers, benefited from the slump in the pound despite some UK investors sitting on the sidelines amid fears about the economy.
It today said assets under management rose to £375 billion from £294.8 billion, flattered by the drop in the pound. UK armchair investors were more nervous after the Brexit vote, with many pulling out of stock markets.
“They’re more risk-off, not least because of more inflation in the pipeline. That is causing uncertainty,” chief executive Peter Harrison said.
Intermediary, the part of the business offering funds through IFAs and banks, saw net outflows of £2.2 billion in the nine months ending September. Sales to pension funds offset that, at £5.4 billion.