Schroders, the UK fund management firm, saw pre-tax profits soar from £75.3m (€109.5m) in 2003 to £200.9m last year as it continued its revival under chief executive Michael Dobson. Nearly half the profits came from private equity.

The company attributed the improvement in the 12 months to December 31 to stronger returns from asset management, where profits before exceptionals doubled to £120.8m, and a one-off gain of £47.8m from a private equity disposal.