Schroders Investment Management in Hong Kong delivered 'the right products at the right time' to sell US$1 billion worth of guaranteed funds last year, according to new chief executive Michael Dobson.
In town to get acquainted with Schroders' local operation after his appointment in October to succeed David Salisbury, Mr Dobson said the effort lifted Schroders to the top-three providers of guaranteed products in the Hong Kong market (after HSBC and Hang Seng).
'That was a pretty impressive result, partly the outcome of having the right product available at the right time, but indicative also of the innovativeness of Schroders,' he said.
The sale of its investment bank to Salomon Smith Barney - which has delivered a cash surplus of GBP700 million (about HK$7.75 billion) - enabled the group to focus on its status as the largest independent fund manager, with GBP110 billion under management, he said.
Funds under management worldwide fell 15 per cent, the group disclosed in March when unveiling a pre-tax loss of GBP8.1 million for last year, versus a restated profit of GBP275.3 million in 2000. But Asian operations bucked that trend, Mr Dobson said.
Cost-cutting measures since February resulted in 75 job losses worldwide, focused in London and Hong Kong as Schroders relocated its back-office functions from Hong Kong to Singapore.
