Schroders has denied that it will need to make acquisitions to achieve its ambitious US growth targets, pledging instead to hire more staff in insurance sub-advisory, multi-asset and distribution to bolster its North American business.

The fund manager is targeting that the US business will manage 20% of group assets within five years, up from 12.5% at the moment, prompting analysts to say that it will need to make corporate acquisitions in North America to meet its growth target.