LONDON, Oct 16 (Reuters) – Schroders Investment Management’s (SDR.L: Quote, Profile, Research) private banking arm is targeting full-year revenues of 150 million pounds ($243.6 million) in the next 3-5 years, up 35 percent from 2008, and may make acquisitions, its CEO said.
LONDON, Oct 16 (Reuters) – Schroders Investment Management’s (SDR.L: Quote, Profile, Research) private banking arm is targeting full-year revenues of 150 million pounds ($243.6 million) in the next 3-5 years, up 35 percent from 2008, and may make acquisitions, its CEO said.
Chief Executive Rupert Robinson said the target for the three- to five-year period involved organic growth and one or two acquisitions.
“The objective is to see private banking become a bigger piece of the whole (company),” Robinson said late on Thursday.
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He said Schroders had already considered a number of deals, including taking “a good look” at Kleinwort Benson when it was up for sale by owner Commerzbank (CBKG.DE: Quote, Profile, Research). [ID:nLF513773]
The group remains highly selective on possible acquisitions and rules out hostile bids, Robinson said.
“There’s been more shareholder destruction than value created by going out and acquiring private client businesses. There has to be a meeting of minds between the two organisations,” he said.
Schroders’ expansion plans also include a recruitment drive to win experienced client advisers and new business from rivals.
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“Organic growth is the holy grail in this business,” he said.
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