UK-quoted asset manager Schroders has become the latest fund management company to acknowledge the need for cost-cutting after announcing a slowdown in profits and a negative outlook that it predicts will last for most of next year.

The company, one of the largest asset mangers in the UK, said its asset under management had fallen from £139bn (€174bn) at the start of the year to £115bn. This directly affects its revenues, which are charged as a percentage of assets managed, and the group's third quarter profit before tax accordingly fell from £98m in the third quarter of last year to £78m, a drop of almost 21%.