Schroders PLC · LSE:SDR
Schroders — Q3 2009 Earnings Presentation
7 slides from Schroders's earnings presentation, Nov 12, 2009
Slide 1: Schroders 2009 Q3 Interim Management Statement
Schroders 2009 Q3 Interim Management Statement Chief Executive Michael Dobson 12 November 2009
Slide 2: 2009 Q3 Results
2009 Q3 Results • Profit before tax and exceptional items £57.8 million (Q3 2008: £71.5 million) • Profit before tax and after exceptional items £43.6 million (Q3 2008: £78.0 million) • Third quarter net inflows £7.0 billion (Intermediary £3.7 billion; Institutional £3.3 billion) • Funds under manag
Slide 3: Net revenue before exceptional items
Net revenue before exceptional items 2008 2009 £ million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Institutional 67.5 80.7 67.9 91.9 50.0 62.0 66.6 Intermediary 123.7 122.4 115.3 79.4 77.5 87.8 106.1 Asset Management 191.1 203.1 183.2 171.2 127.5 149.9 172.7 Private Banking 27.5 28.7 29.0 26.1 26.4 22.8 23.5 Group 4.2 3
Slide 4: Costs before exceptional items
Costs before exceptional items 2008 2009 £ million Q1 Q2 Q3 Q4 Q1 Q2 Q3 Fixed staff 53.7 58.7 55.8 55.9 58.3 52.9 53.5 Variable staff 46.5 44.8 37.4 20.6 17.8 31.6 44.5 Non-staff 54.7 60.3 61.0 77.9 54.4 53.8 52.6 Total 154.8 163.8 154.3 154.4 130.5 138.3 150.6 Headcount (No.) 2,949 2,998 2,974 2,83
Slide 5: Exceptional items
Exceptional items £ million Q1 2009 Q2 2009 Q3 2009 ABS/MBS (6.3) 1.5 (0.1) Seed Capital (5.8) (6.7) (2.6) Hedge Funds 0.5 0.8 1.1 Property - (7.7) (7.4) Private Equity (1.7) 1.1 (0.1) Other 0.4 0.2 7.2 Total Revenue (12.8) (10.8) (9.2) Redundancy costs (4.5) (1.8) (1.2) Office restructuring (2.2) (
Slide 6: Net new business by channel
Net new business by channel 2008 2009 £ billion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Institutional (1.8) 0.6’ (1.1) (1.5) (2.4) 1.6 3.3 Intermediary 0.5’ (0.8) (2.9) (3.1) 0.2’ 2.3 3.7 Asset Management (1.3) (0.2) (4.0) (4.6) (2.2) 3.9 7.0 Private Banking 0.3 ’ (0.1) (0.1) 0.3’ 0.1’ 0.0 0.0 Total (1.0) (0.3) (4.1)
Slide 7: Funds under management
Funds under management 2008 2009 £ billion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Institutional 66.6 67.6 61.3 59.6 54.5 59.7 72.8 Intermediary 52.5 51.2 42.5 38.9 37.2 42.4 54.0 Asset management 119.1 118.8 103.8 98.5 91.7 102.1 126.8 Private banking 11.5 11.4 11.0 11.7 11.4 11.1 12.1 Total 130.6 130.2 114.7 110.2 1