Trading Statement

Schroders PLC
01 May 2007

                                  Schroders plc

                                  Trading Update

Schroders plc is today issuing a trading update for the three months to 31 March
2007.

First quarter pre-tax profit increased 30 per cent. to £93.2 million compared to
£71.4 million for the same period in 2006.

Asset Management

Asset Management revenues for the quarter were £177.3 million (Q1 2006: £152.8
million), costs were £114.8 million (Q1 2006: £102.9 million) and profit
increased 25 per cent. to £62.5 million (Q1 2006: £49.9 million).

Private Banking

Private Banking revenues for the quarter were £23.1 million (Q1 2006: £20.4
million), costs were £15.6 million (Q1 2006: £16.7 million) and profit was £7.5
million (Q1 2006: £3.7 million).

Private Equity and Group

Profit from Private Equity was £19.9 million (Q1 2006: £7.2 million) and from
Group was £3.3 million (Q1 2006: £10.6 million). Private Equity profits were
driven by three successful exits in the period, while reduced Group profits
reflected lower earnings from seed capital investments compared to Q1 2006.

Funds under Management

Funds under management at 31 March 2007 were £132.3 billion (31 December 2006:
£128.5 billion) of which £1.3 billion were gained on the acquisition in February
2007 of Aareal Asset Management, the continental European property manager. Net
inflows in Retail were £1.5 billion, net outflows in Institutional were £2.5
billion.  Retail flows were positive in every region in the first quarter.
Institutional outflows were concentrated in the UK and included the withdrawal
of a £1.4 billion balanced mandate, already reported in the press last year.


For further information please contact

Nik Ekholm                                                      [phone]
Estelle Bibby                                                   [phone]


Forward-looking statements

This preliminary announcement contains certain forward-looking statements with
respect to the financial condition, results of operations and businesses of
Schroders plc. These statements and forecasts involve risk and uncertainty
because they relate to events and depend upon circumstances that will occur in
the future. There are a number of factors that could cause actual results or
developments to differ materially from those expressed or implied by these
forward-looking statements and forecasts. The forward-looking statements and
forecasts are based on the Directors' current view and information known to them
at the date of this announcement. The Directors do not make any undertaking to
update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Nothing in this announcement should be
construed as a profit forecast.



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