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Schroders picks ex-Grenfell chief Dobson as CEO and buys his firm

Schroders has appointed former head of Morgan Grenfell, Michael Dobson as chief executive and is to buy Dobson&#39s hedge fund firm Beaumont Capital Management as part of the deal.

Dobson will take over from David Salisbury who quit Schroders after a 68 per cent fall in profits during the first half of this year.

Schroders is to pay £33.5m for the hedge fund boutique, which has around £190m under management. All 15 Beaumont partners are to join Schroders, with Dobson, who founded the firm in November 2000, reported to be making around £8m from the deal.

Dobson made his name at Morgan Grenfell in the early 1990s when he became CEO after 20 years at the firm. He was at the helm during the Peter Young scandal in 1996, which saw the firm fined a record £2m by the regulator after two funds were found to have been illegally trading.

Dobson says: “Schroders has been a tough competitor over many years. A strong investment culture, an excellent brand and a business focused on asset management and private banking are a great platform for building value. For Beaumont, this is a powerful opportunity to accelerate the growth of its business model.”

Hargreaves Lansdown head of research Mark Dampier says: “Bearing in mind that he set up Beaumont, he seems to have a hands-on approach and a good understanding of the investment market. The real test of a chief exec, in my opinion, is will they come out of their ivory tower?”


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