Schroders reported a sharp rise in first-half profit as buoyant financial markets, favourable currency movements and savings from its transformation programme strengthened the London-based asset manager’s operating performance. However, Schroders recorded net outflows of £8.3 billion on the same basis, compared with £4.5 billion of inflows a year earlier. Including joint ventures and associates, which attracted £4.1 billion of net inflows, group net outflows were £4.2 billion. Fixed-income strategies attracted £1.9 billion of net inflows, while multi-asset returned to positive territory with £2.6 billion. Wealth management generated £2.5 billion of net new business, broadly matching the £2.7 billion recorded a year earlier.