Chase Manhattan Bank has consolidated its relationship with Schroder Investment Management by winning the mandate to handle custody and fund administration on £75bn (€124bn) of Schroders' assets.

The outsourcing of its London-based custody and fund administration services to Chase's Global Investor Services division enables Schroders to focus on its core business of investment management. The decision to outsource, which was signalled by Schroders in September last year, has been widely adopted by UK fund management houses.