Schroders has awarded its new chief executive Michael Dobson share options that will be worth £3.75m (€6.1m) if Schroders' share price doubles within the next five years, as well as annual remuneration of £3.5m in each of the three years to December 2004.

Dobson is also securing immediate access to options over 500,000 shares. Around 40% of his £3.5m remuneration will be paid according to performance.