UK – Schroders has appointed Michael Dobson as chief executive and set out proposals to acquire Dobson’s own asset management firm, Beaumont, for £33.5m (€53.4m) as part of the deal, a move it says is in line with its strategy to move further into the private banking and alternative investment management areas.

Dobson is an existing non-executive director of Schroders and the co-founder of Beaumont, which now has some US$ 275m (€306m) in actual and prospective assets under management.

Beaumont was founded by Dobson and Raphael Kanza in November last year, and became fully operational in the first half of this year, sustaining moderate losses in the year to date.

Says Peter Sedgwick, chairman of Schroders: “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 excellent strategic leadership for Schroders. We are also very pleased to have the opportunity to acquire Beaumont to led the way in diversifying the group’s (Schroders) position in the fast growing and attractive area of alternative investments.”