Schroders director buys stock as partnership is announced

Robin Buchanan, an independent non-executive director of Schroders, the FTSE 100 asset management firm, has bought 205 non-voting ordinary shares in the firm for 1,212p each.

The move takes his total to 2,368 non-voting shares.

Buchanan, 59, joined the board in March 2010, and is a member of the firm's Audit and Risk Committee.

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On the same day his purchase was announced, it was reported that food giant Nestl had named Schroders as its partner in the running of an investment vehicle with its in-house asset manager.

In the announcement made on the Irish Stock Exchange, Robusta Asset Management, which is wholly-owned by Nestl, appointed Schroders to manage its emerging markets fund.

Back in November, when the firm last released a set of results, revenues and profits were up on 2010 but the key "assets under management" figure (AUM) remained static during the third quarter.

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