Trading Statement

Schroders PLC
14 November 2006






                                  Schroders plc


                                 TRADING UPDATE


14 November 2006


Schroders plc is today issuing a trading update for the three months to 30
September 2006.


Third quarter pre-tax profit was £64.0 million compared to £63.6 million for the
same period in 2005. Pre-tax profit for the nine months to end September was
£196.3 million, 17.8 % ahead of underlying+ pre-tax profit for the same period
in 2005 of £166.7 million.


Asset Management

Asset Management revenues for the quarter were £157.2 million (Q3 2005:
£141.2million), costs were £108.9 million (Q3 2005: £95.1 million) and profit
was £48.3 million (Q3 2005: £46.1 million). For the nine months, Asset
Management profit was £145.1 million (first nine months 2005: £125.8 million+).


Private Banking

Private Banking revenues for the quarter were £23.4 million (Q3 2005: £17.0
million), costs were £16.5 million (Q3 2005: £15.5 million) and profit was £6.9
million (Q3 2005: £1.5 million). For the nine months, Private Banking profit was
£18.1 million (first nine months 2005: £3.4 million+).


Private Equity and Group

Profit from Private Equity was £6.2 million (Q3 2005: £5.5 million) and from
Group Net Income/(Costs) was £2.6 million (Q3 2005: £10.5 million). For the nine
months, profit from Private Equity was £23.9 million (first nine months 2005:
£23.5 million), and profit from Group Net Income/(Costs) was £9.2 million (first
nine months 2005: £14.0 million).


Funds under Management

We continue to focus on growing higher margin products with annualised revenues
from business won in the first nine months exceeding those from business lost.
Funds under management at the end of September were £122.8 billion (end June
2006: £122.3 billion) with net outflows in Institutional of £1.8 billion in the
quarter, net outflows in Retail of £0.1 billion and net inflows in Private
Banking of £0.1 billion. Retail inflows have picked up sharply since the end of
the quarter and we have a good pipeline of new specialist products in fixed
income, equities and alternatives for both institutional and retail markets.


For further information please contact


Nik Ekholm         [phone]

Estelle Bibby      [phone]


+ The term 'underlying' denotes that the relevant 2005 comparative has been
adjusted to remove the impact of the one-off gain recorded in the first half of
2005 on the discontinuation of a project to outsource UK custody and portfolio
accounting services. The effect of this adjustment is to reduce profit before
tax in the first nine months of 2005 by £20.4 million (split £20.1 million in
the Asset Management segment and £0.3 million in Private Banking).


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.



                      This information is provided by RNS
            The company news service from the London Stock Exchange