Schroders reported a 14% drop in profits during the first half of 2019, coupled with continuing net outflows from its funds, but CEO Peter Harrison said he is hopeful of benefiting from a turnaround in investor sentiment in the remainder of the year.

Pre-tax profits declined by 14% to £340.4m, the company said in its first-half results statement on August 1, on a 5% decline in revenues. It put this down to “relatively weak” markets in the early part of the year, which depressed the level of Schroders’ assets under management and hence its fees.