Trading Update

Schroders PLC
15 November 2005


                              Schroders plc
                             Trading Update

15 November 2005


Schroders plc is today issuing a trading update for the three months to 30
September 2005 prepared under International Financial Reporting Standards
(IFRS).  Results for the comparable period in 2004 are consistent with the
segmental reporting and accounting changes announced in the Interim Report.

Profit before tax remained strong in the third quarter at £63.6 million compared
to £86.5 million in the same period of 2004, which included a one-off Private
Equity gain of £47.8 million. Profit before tax for the nine months to end
September 2005 was £187.1 million (2004: £159.1 million).


Asset Management Results

Asset Management revenues for the quarter were £141.2 million (Q3 2004: £103.9
million). Costs were £95.1 million (Q3 2004: £76.4 million) and profit was £46.1
million (Q3 2004: £27.5 million).


Private Banking Results

Private Banking revenues for the quarter totalled £17.0 million (Q3 2004: £16.3
million), costs were £15.5 million (Q3 2004: £13.8 million) and profit was £1.5
million (Q3 2004: £2.5 million).


Private Equity and Group Results

Profit from Private Equity was £5.5 million (Q3 2004: £57.8 million including a
one-off gain of £47.8 million). Group net income was £10.5 million (Q3 2004: net
cost of £1.3 million).


Funds under Management

From an opening position of £112.1 billion at 30 June 2005, funds under
management rose by 5.5 per cent. in the quarter to £118.3 billion. Net business
outflows during the quarter were £2.1 billion, with net outflows of £1.2 billion
in Institutional and £0.9 billion in Retail. Private Banking net flows were flat
over the quarter.


Outlook

Further margin improvements coupled with strong markets had a positive impact on
revenues and profits. We also had gains on Group investments.

Net new business in Institutional was concentrated on European equities and
property against net outflows in UK balanced mandates and Asia Pacific equities.
In Retail, net inflows in European bonds and Asia Pacific equities were
outweighed by net outflows in European specialist equities on the back of recent
fund manager changes. In the medium term we expect to see resumed growth in
Retail and opportunities for Institutional in both fixed income and equities.

Annual results for 2005 are expected to be announced on 21 February 2006.


For further information, please contact:

Henrietta Jowitt                                          Tel:  [phone]
Head of Marketing and 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.






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