Pre-tax profits at UK asset manager Schroders slumped during the first quarter of this year, compared to the same period last year, while the funds arm of Credit Suisse incurred heavy losses across the same period. Both groups suffered on the back of fixed-income related writedowns and lower private equity returns.

Schroders total pre-tax profit for the three months to March 31 was £42.2m (€52.9m), compared to £93.2m in the same period last year.