LONDON: British fund manager Schroders reported 7.4 billion pounds ($9.8 billion) of net outflows in the first quarter on Thursday, as customers withdrew cash from its joint venture funds in China.
Schroders said its flows were impacted by 8.5 billion pounds cashed out from its joint ventures in the three months to end-March, primarily from money market funds in China, where it operates two ventures with local bank Bank of Communications.
