Peter Harrison, chief executive of Schroders, today set out his plans for equipping the UK's largest listed fund manager to withstand the rise of low-cost index investing - which he doesn't see going away anytime soon.

Presenting Schroders' 2016 results this morning, March 2, he said: "There will be a continued shift toward passive - I don't think this trend will slow. One needs to be capable of moving one's feet. If passive is the big bogey, we need to move our product range into things that can't be mimicked by passive."