The top of a cash mountain has proven to be a good standpoint from which to watch the financial crisis unfold for Michael Dobson, chief executive of UK fund manager Schroders.

The cash-rich company's most recent quarterly results, announced late last year, saw profits come in 30% higher than analysts' forecasts. This topped an 18-month period in which Schroders saw many of its rival UK-quoted asset managers struggle under the debt they had taken on in calmer times.