Profits at UK listed manager Schroders rose 16% last year to £290m (€441m), its second highest annual result on record, in what management expected to be a year of consolidation. Analysts agreed the results were ahead of expectations.

Michael Dobson, chief executive, said he was still on the acquisition trail following his purchases of funds of hedge funds group NewFinance Capital in February and property business Aareal Asset Management in December.