Harris Associates, a Chicago-based fund manager that has led some of the biggest takeover battles and corporate restructurings in Europe in the past decade, has emerged as the largest independent shareholder in Schroders.

Harris, which manages $70bn (€51bn) in assets, has built an 8% stake over the past six months in the UK fund management group, making it the largest shareholder after three vehicles controlled by the Schroder family that hold a combined 48%.