Schroders PLC (LSE:SDR) took a beating as investors fretted about the money flowing out of its fund-management business.
The FTSE 100 group saw an outflow of £7.6 billion in the half year to end June 2024, which largely reflected the loss of a big mandate with Scottish Widows. Only the private markets arm saw an inflow in the six months.
Wealth management was a positive but brokers also pointed to the lower operating profits of £315 million against £341 million a year ago. Pre-tax profits rose slightly to £276 million.
The dividend was unchanged at 6.5p.
Panmure Liberum said: “Recent acquisitions have not delivered; costs are too high.
“The next CEO will have a task on their hands but, after many years of share price underperformance, they will also have the chance to present a more sober assessment of positioning, progress and opportunity.”
Shares fell 33p to 359p.