Schroders, the FTSE 100 listed asset manager, posted a 10% drop in profits during the first six months of the year, despite a rise in overall assets under management.

The London-based fund manager said profits before tax and exceptional items fell to £306.2m to the end of June, from from £340m for the same period in 2019. Net operating revenues dropped 2% to £971.6m, Schroders said.