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Schroders investment banking to merge

Schroders&#39 investment banking business is merging with US group Salomon Smith Barney in a £1.35bn deal.


The purchase is being completed by May 2000, leaving Schroders to focus on its asset management and private banking business.


Schroders chairman Sir Win Bischoff is to join the merged investment bank, while deputy chairman Peter Sedgwick will be appointed chairman.


Bischoff says: “We are convinced the merger is in the best interests of our clients, shareholders and staff.”

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