Trading Statement

Schroders PLC
16 January 2002

16th January 2002

                                Schroders plc

Schroders plc will announce its results for the year ended 31st December 2001
on 1st March 2002.

It has recently come to light that there were errors in the preparation of the
accounts of the asset management business in calendar 2000. Current
indications are that total asset management profits of £149 million* were
over-stated by approximately £11 million. The errors arose from incorrect
accruals of fee income and have had no effect on clients.

The Board is taking this opportunity to indicate that the presently
anticipated level of asset management profits before tax for 2001 will be up
to 10% below recent market estimates of around £70 million. This is before any
adjustments relating to calendar 2000 which arise from the accounting errors
referred to above or other provisions which the Board may make as a result of
restructuring or other developments.

Further details about these, about the progress being made under the new
management team and about the prospects for 2002 will be given in the
preliminary statement.


For further information, please contact:

Schroders plc

Michael Dobson, Chief Executive                              020 7658 6962

Nick MacAndrew, Chief Financial Officer                      020 7658 6985

Julian Samways, Head of Corporate Communications             020 7658 6166



  * Reported 2000 profits of asset management, excluding sale of property
    businesses and adjusting for the reclassification of leasing results as
    set out in the 2001 interim report.