Schroders Plc. released its preliminary financial results for 2002 Tuesday, saying profits jumped as successful cost-cutting measures continue to fuel its recovery efforts amid "challenging" market conditions.

Funds under management, 69% of which are in equities, fell to 88.3 billion pounds from 110.4 billion pounds due to the ill effects of the stock market’s precipitous decline. Net outflows of funds slipped to 2.2 billion pounds from 6 billion pounds, with much of the outflow occurring in the first half of 2002.

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