The chief executive of Schroders, one of the UK’s biggest fund managers, warned the firm’s strong first-half results are unlikely to be repeated in the rest of the year as the industry faces slowing demand from high-fee-paying retail investors.

Presenting the firm's first-half results to analysts this morning, Michael Dobson said that Schroders' retail funds business - where it operates by selling its funds to intermediaries, such as financial advisers or private banks - would face a more difficult time ahead.