Schroders has published its interim management statement covering the nine months to 30 September 2015 which shows pre-tax profit up 12% to £453.2m.

The fund manager and investment business said that profit before tax and exceptional items was up 12 per cent and profit before tax was up 21 per cent to £438.9 million.

The firm says net inflows of £8.3 billion (2014: £7.0 billion) and assets under management rose to £294.8 billion (30 September 2014: £276.2 billion).

Michael Dobson, chief executive, said: “In the first nine months of the year profit before tax increased to £438.9 million and we generated £8.3 billion of net new business. These results reflect the resilience of our diversified business at a time of heightened market volatility.”

Asset Management net revenue for the first nine months was £1,032.8 million (2014: £950.5 million) including performance fees of £12.7 million (2014: £11.7 million).

Wealth Management net revenue for the first nine months was £157.3 million, slightly down on 2014 (2014: £162.2 million). Net revenue in 2014 included the release of a £7.5 million loan loss provision and performance fees of £2.8 million.