Schroders’ chief executive Michael Dobson described the performance of the private bank at the UK asset manager as “disappointing” after pre-tax profits at the unit halved last year.

In its full-year results, the UK asset manager reported that its private banking profits fell year-on-year from £23.8m to £11.8m - and that the unit had to set aside a £3.2m provision of funds that it may have to return to clients after saying it took a conservative position following a court ruling on "retrocession fees" in Switzerland last year.