Schroders cuts exec pay on profit drop

SCHRODERS chief executive Michael Dobson took a £387,000 pay cut for 2012, earning £2.7m in a year that saw the asset manager’s pre-tax profits drop 12 per cent. The sum does not include 32,051 shares given to Dobson under a long-term incentive scheme, the firm’s annual report showed yesterday. Schroders said on Monday it would pay £424m to buy fellow fund manager Cazenove Capital, to create a firm with combined private banking assets under management of £28.4bn. The 200-year old Cazenove has until 19 April to decide on the offer.