The prospective payment of a £2.5m (€3.7m) equity bonus to Michael Dobson, Schroders' chief executive, is hanging in the balance.

The shares will be given to Dobson if the UK asset manager's non-voting stock reaches 999p by Thursday. Last week, they rose 81p to 946p after a surge in financial stocks. The 999p target was set five years ago when Dobson joined the company, representing a 50% gain over a starting price of 666p. The current appreciation is 42%. If the share price had doubled, Dobson would have collected equity worth £3.75m. Last year, his remuneration totalled £1.7m. The possibility that Dobson might be denied £2.5m reflects the disappointment of recent progress at the fund management group. Consultants are concerned with its UK performance and it has parted company with several equity managers. One, Ted Williams, is understood to be setting up a boutique. Dobson has improved Schroders' bottom line spectacularly since his appointment. Schroders has captured valuable retail distribution contracts and commodities, and property fund launches have been successful. But he has failed to deliver a takeover of a US group, which analysts have been expecting. One said: "Every year it's the same. The results are announced, people like the financials and the stock goes up. Then Dobson does the rounds, nothing much changes and the price goes flat for another year." According to analysts, the situation could have caused tension between Dobson and Bruno Schroder, who has voting control of the company. Schroder must want his stock to perform better and Dobson may want him to be more flexible with acquisitions. But most sources have said they get on well in social, as well as work, contexts. They were both due to go shooting last weekend.