Business Services Industry
Asia Crisis Erodes British Merchant Bank's Gains.
Knight Ridder/Tribune Business News, September, 1998 by Feltham, Cliff
Knight Ridder/Tribune Business News
Sep. 12--Merchant bank Schroders' star deal-makers raked in the fees on mergers and acquisitions in the first half of the year.
Sadly, the money was draining away on the other side of the world as the Asian crisis sliced millions off the value of its investments. Schroders reported pre-tax profits UKpound 10.4 million higher at UKpound 141.4 million. But chairman Win Bischoff admitted results had been "overshadowed by subsequent events in the world's financial markets'.
The bank set aside an additional UKpound 35 million against its exposure to the Far East, mainly to cover possible defaults on corporate bonds and loans. This was on top of a UKpound 23.9 million provision in December. Schroders has cut its exposure...
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