Shares in Schroders were up on the FTSE 100 in morning trading after the asset management company said it had more than tripled its pre-tax profit in the nine month period ending 30 September.

Pre-tax profit was reported as reaching £282.7 million, up from £79.9 million in the same period last year.

Net inflows rose from £8.7 billion to £21.5 billion, while funds under management increased from £138.9 million to £181.5 billion.

The group said that its Asset Management division saw net revenue in the nine month period rise from £108.1 million to £263.2 million, while pre-tax profits increased from £108.1 million to £263.2 million.

Meanwhile the Private Banking division saw pre-tax profits fall from £20.8 million to £9.5 million and the Group segment went from a profit of £79.9 million to one of £282.7 million.

By 10:45 shares in Schroders were up 3.54 per cent on the FTSE 100 to 1,636.00 pence per share.

FTSE