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Schroders chief Dobson sees pay soar 70% to £8.4m

by Dylan Lobo on Mar 27, 2014 at 07:53

Schroders chief Dobson sees pay soar 70% to £8.4m

Schroders boss Michael Dobson took home £8.4 million last year.

According to the asset manager’s annual report, this comprised a £2 million increase in his annual bonus, along with the £1.54 million vesting of a long-term share award dating back to May 2010. This complemented a basic salary of £400,000. 

The figure is a significant increase on the £4.87 million Dobson (pictured) earned in 2012.

Other big earners included executive vice chairman and global head of distribution Massimo Tosato, who was paid £4.68 million, an increase of around £1.4 million on 2012. His 2013 pay cheque included a £3.6 million bonus, a 32.7% increase on his reward for 2012. 

Meanwhile group head of wealth management Philip Mallinckrodt saw his salary increase almost 50% to £1.5 million, with his bonus standing at £700,000.

Commenting on the pay, a spokesperson for Schroders said: '2013 was a record year for Schroders with profits increasing by 41%.  Our approach to remuneration ensures pay for performance and aligns the interests of employees, shareholders and clients, with a significant deferral into Schroders shares and funds. 

This approach has served the firm well and over the last five years Schroders has delivered a 246% total return for shareholders.'

The acquisition of Cazenove Capital was the major highlight for Schroders in 2013.  

The buy helped lift assets under management to £262.9 billion at the end of the year, a jump of around £50 billion on 2012.

The firm registered net inflows of £7.9 billion and delivered a substantial increase in pretax profit from £360 million to £447.5 million.

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