Trading Statement

Schroders PLC
17 May 2005


                              Schroders plc

                              Trading Update

17th May 2005

Schroders plc is today issuing a trading update for the three months to 31st
March 2005 prepared under International Financial Reporting Standards (IFRS).
Results for 2004 have been restated from UK GAAP to IFRS in line with key
changes outlined in Schroders' IFRS announcement on 14th December 2004 together
with supplementary adjustments which have been made to certain figures as noted
below.

The Group made a positive start to the year, with first quarter profits before
tax of £50.4 million (Q1 2004*: £33.6 million).

Asset Management Results

Asset management revenues for the quarter were £146.3 million (Q1 2004*: £116.0
million), costs were £104.9 million (Q1 2004: £90.2 million) and profits were
£41.4 million (Q1 2004*: £25.8 million).

Group Results

Profits from Private Equity of £10.5 million (Q1 2004: £8.4 million) benefited
directly and indirectly from distributions by a number of private equity funds.
Group net costs amounted to £1.5 million in the quarter (Q1 2004: net costs of
£0.6 million).

Funds under Management

From an opening position of £105.6 billion at 1st January 2005, funds under
management rose 3.1 per cent in the quarter to £108.9 billion. Net business
inflows were £1.2 billion in the quarter, with net inflows of £1.6 billion in
the Retail business and £0.1 billion in Private Banking partially offset by net
outflows in the Institutional business of £0.5 billion.

Pension Fund

During April 2005, the Group transferred £30.3 million to the final salary
section of the Schroders Retirement Benefit Scheme to eliminate the FRS17
deficit at 31st December 2004. This contribution has no impact on the Group's
equity as stated under IFRS and a minimal effect on pre-tax profits for the
year.

Outlook

Profitability was strong in the quarter due to higher management fee revenues
and good private equity returns.

We are investing in our fund management and distribution capabilities to develop
further the position of the Group's products across a range of markets and asset
classes. We also continue to examine a range of external investment
opportunities to broaden and accelerate the strategic development of our
business.

Schroders plc will be issuing a further update on the effects of the transition
to IFRS in the near future.

Interim results for 2005 will be announced in August.

*Restated to reflect additional IFRS adjustments to the treatment of front end
fees and the reclassification of certain current asset investments as
'held for sale'.


For further information, please contact:                     
Jo Godfrey                                                   Tel: [phone]
Acting Head of Corporate Communications
Schroders plc


Forward-looking statements

This trading update contains certain forward-looking statements with respect to
the financial condition, results, 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. Nothing in this trading update should be construed as a profit
forecast.




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