Schroders reports £4.2 billion outflows ahead of sale to Nuveen
Schroders reports £4.2 billion outflows ahead of sale to Nuveen LONDON, July 30 (Reuters) - Schroders reported deeper net outflows of £4.2 billion ($5.6 billion) for the first half of the year on Thursday, ahead of the expected completion in the coming months of its £9.9 billion ($13.2 billion) sale to U.S. rival Nuveen.
The outflow figure compares with £1 billion pulled in the same period a year prior. The company's adjusted operating profit for the first half jumped 46% to £459.8 million, while its total assets under management stood at £867.8 billion.
Schroders' shareholders - including the 222-year-old firm's founding family - have already backed the transaction with Nuveen, which will bring an end to the independence of one of London's historic fund houses.
($1 = 0.7491 pounds)
(Reporting by Iain Withers, Editing by Louise Heavens)