Schroders, the UK-listed investment manager, has issued a profits warning by indicating that pre-tax profits on its asset management operations will be as much as 10% below market estimates of £70m (€114m) in 2001.
The firm has also said that errors in the preparation of accounts in 2000 led to an over-statement of profits, previously £149m, by a total of £11m. Nick MacAndrew, Schroder's chief financial officer, said: "We over-accrued fee income. We make accruals every month and the reconciliation with client invoices were not performed properly.
