Trading Statement

Schroders PLC
20 November 2003

                                 Schroders plc

                                 Trading Update



20th November 2003

Schroders plc today issued a trading update for the three months to 30th
September 2003.

Asset Management Results

Asset management revenues for the quarter were £107.7 million compared to £99.2
million in the third quarter of 2002. Underlying asset management costs fell to
£86.4 million against £87.8 million in the comparable period. Underlying asset
management profits were £21.3 million for the quarter against £11.4 million in
the third quarter of last year.

Project expenditure and redundancy costs in the quarter were £3.7 million (Q3
2002: £8.7 million) and £2.2 million (Q3 2002: £3.7 million) respectively.
Whilst the former is consistent with previously disclosed expectations of £17.1
million for project expenditure over the year as a whole, redundancy costs are
now expected to be approximately £4.0 million for the year compared to our
previous expectation of £2.3 million.

Asset management profits after project expenditure and redundancy costs totalled
£15.4 million (Q3 2002: loss of £1.0 million).

Group Results

Profits from Private Equity of £3.5 million (Q3 2002: loss of £7.3 million)
benefited from carried interests and the rise in value of the Group's
shareholding in Schroder Ventures International Investment Trust plc. Group net
income/costs amounted to a loss of £0.9 million in the quarter (Q3 2002: loss of
£1.1 million).

Group profit before goodwill amortisation and tax amounted to £18.0 million in
the quarter (Q3 2002: loss of £9.4 million).

Funds under Management

From an opening position of £90.4 billion at 30th June 2003, funds under
management rose 4.0 per cent. in the quarter to £94.0 billion as a result of
rising equity markets partly offset by net business outflows during the period.
Net business outflows amounted to £1.2 billion in the quarter, with net inflows
in the Retail business of £0.9 billion exceeded by net outflows in the
Institutional business of £1.8 billion and in Private Banking of £0.3 billion.
Funds under management had increased in line with markets to £95.5 billion by
31st October 2003, despite net outflows of £0.3 billion during the month.

Outlook

At the time of the interim results announced on 2nd September 2003 we expressed
caution about fund flows and, with on-going restructuring from balanced to
specialist mandates in the UK and outflows from our Americas business, we expect
net outflows for the year as a whole. Going forward, we see a range of growth
opportunities and we will continue to invest for the medium term, taking
advantage of our strong financial position and the significant reduction in
costs achieved over the past two years.

Annual results for 2003 will be announced on 2nd March 2004.

For further information, please contact:                    Tel: [phone]

Julian Samways

Group Head of Corporate Communications

Schroders plc


Forward-looking statements

This trading update 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. Nothing in this trading update should be construed as a profit
forecast.




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