UK - Schroders has appointed Michael Dobson, previously head of Deutsche Asset Management and currently chairman and chief executive of Beaumont Capital Management as its chief executive of Schroders.
Dobson has served as a non-executive director of Schroders for the past six months and, subject to receipt of regulatory consent, is expected to take up his new role as chief executive at the end of October.
Schroders is accelerating its growth in private banking and alternative investment management through the proposed acquisition of Beaumont, which has approximately $275m of funds actually or prospectively under management.
Schroders proposes to pay £33.5m for Beaumont in a mixture of Schroders non-voting stock, loan notes and cash. Beaumont shareholders have elected to take approximately 75% of the consideration in Schroders non-voting shares.
Peter Sedgwick, chairman of Schroders, said: We are delighted that Michael has agreed to be our new chief executive. He has a wealth of experience in fund management and will provide excellentstrategic leadership for Schroders.
“We are also very pleased to have secured the opportunity to acquire Beaumont's team to lead the way in diversifying and expanding the group's position in the fast growing and attractive area of alternative investments which will be a major benefit to clients.”
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