By Simon Jessop
LONDON (Reuters) - British asset manager Schroders (L:SDR) on Thursday posted a 9 percent rise in assets under management and administration for the nine months to September 30 led by gains in its institutional business.
The company, which provides asset and wealth management services, said total assets at the end of the period were 430.2 billion pounds ($568.17 billion), up from 395.3 billion at the start of the year.
Schroders has moved to more shorter trading updates, and gave no indication whether the increase in assets was a result of market gains from existing client money or aided by net inflows of new investor cash.
The rise in total assets from the half-year mark of 2.9 percent is in line with smaller rival Jupiter Fund Management (L:JUP), as well as fund supermarket Hargreaves Lansdown (L:HRGV).
Its core asset management business increased assets by 8.4 percent to 375.5 billion pounds, helped by a 9.3 percent increase for its institutional unit to 247.4 billion pounds.
Assets managed on behalf of intermediary clients, retail investors funnelled to the company through financial advisers or platforms, rose 6.7 percent to 128.1 billion pounds.
Wealth management rose 11.4 percent to 44.1 billion pounds, it said.
($1 = 0.7572 pound)