Schroder Investment Management registered a 41% rise in pre-tax profits to £71.4m (€104m) for the first quarter, despite net outflows of £2.3bn from institutional business.

The UK fund manager, which recently completed the acquisition of London-based fund of hedge funds NewFinance Capital, said net outflows in institutional were offset by net inflows of £1.9bn into retail and £200m into private banking.