Schroders, the UK-listed fund group, saw first quarter group pre-tax profits rise threefold to £30.4m (€44.7m) from £9m a year ago, but investors continue to remove assets with institutions pulling out £3.6bn in three months.

Total funds under management stand at £100.4bn at the end of March, a rise of 1.5% from the end of last year. The increase in assets is mostly due to improving equity markets, offset by total net outflows of £1.4bn.