Schroders and SJP drop as fund manager shares struggle

The FTSE 100 opened down slightly in early trading, with a host of financial stocks leading the fallers.

The index fell 0.3% to 6,755 by mid-morning, as St James Place, Schroders and 3i all shed more than 3%. SJP fell 4.6%, Schroders was down 3.3% and 3i fell 3.1% after warning investors the private-equity market was approaching full valuation. Aberdeen was also down 1.5%, tracking many other asset managers, as the sector suffered from a bout of profit-taking following a raft of results this week. Across Europe indices also fell on fears that sanctions against Russia could continue to weigh on performance. Last night the US and EU announced further sanctions against Russia's energy...