UK – The head of investments at asset manager Schroders, Richard Horlick, was paid a total of £3.65m (€5.3m) in 2004, according to its annual report.

Horlick’s pay included a one-off payment of £700,000 to compensate him for loss of earnings at his former employer Fidelity. Distribution head Massimo Tosato was paid £2.6m. Chief executive Michael Dobson’s total pay was £3.78m.

Schroders says it is seeking growth opportunities in asset management amid “continued momentum” in the business.

“Whilst we do not expect the exceptional private equity performance to be repeated in 2005, we see continued momentum in our asset management business,” the company said.

“Reflecting our long-term approach to the development of the business, we will continue to seek growth opportunities and invest in them as they arise.”

A spokesman reiterated that any acquisitions would be “bolt-on” and add shareholder value.

Total assets under management rose 6.8% to £105.6bn in 2004, according to the firm’s new annual report.

But it saw institutional net outflows during the year of £8.4bn – “principally due to restructuring by UK institutions away from balanced mandates”.

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