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(Sharecast News) - Shares in Schroders came under pressure on Thursday, after the London-listed investment manager posted a fall in assets under management.
Updating on trading, the blue chip reported total assets under management (AUM) of £724.3bn for the three months to 30 September, down from the £726.1bn recorded at the end of the second quarter.
Within that, the wealth management division reported a rise to £104.2bn from £102.6bn, but asset management fell to £511.4bn from £515.7bn.
As at 0900 BST, the stock had lost 2% at 376.9p.
Schroders did not provide any commentary alongside the figures.
However, the asset management industry is facing the double headwinds of rising interest rates and soaring inflation, both of which have knocked investor sentiment. The Bank of England has now increased the cost of borrowing 14 times since December 2021, to 5.25%.
Inflation, meanwhile, has eased back to 6.7% from a high of 11.1% in October 2022. But it remains well above the BoE's long-term target of 2%.
