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Financials

Schroders CEO pay doubled to $10.5 million in 2010

* CEO pay 6.5 million pounds, excluding long-term incentive

* CIO compensation 2.7 million pounds, CFO on 2.3 million *

LONDON, March 25 (Reuters) - Schroders SDR.L doubled the pay of its chief executive to 6.5 million pounds ($10.5 million) in cash and shares last year, as the British fund manager firm rebounded from the credit crunch.

Michael Dobson received basic pay of 400,000 pounds, a 3 million cash bonus and share and fund awards worth 3.1 million, granted as deferred compensation, Schroders said on Friday.

Executive vice chairman Massimo Tosato and chief investment officer Alan Brown saw 80 percent increases to 4 million pounds and 2.7 million respectively. Finance director Kevin Parry was awarded a 70 percent rise to 2.3 million pounds.

The directors were also entitled to further boosts to their packages through participation in a long-term incentive plan that will pay out hundreds of thousands of pounds more if sales targets are met over four years.

The increases broke two years of declines after the financial crisis. Dobson’s remuneration dropped 40 percent in 2008 and a further 10 percent the following year.

Schroders said earlier this month its 2010 profit tripled as recovering markets persuaded investors to buy into its mutual funds. [ID:nLDE7280S9]

PIRC, Europe’s largest corporate governance advisor, flagged concerns for spiralling boardroom bonuses earlier this week, after calling for key elements in Britain’s voluntary code of best practice for company management to be enshrined in law.

The level of cash bonuses for senior executives at FTSE100 companies rebounded strongly in 2010, following a drop in 2009. The average bonus rose 44 percent to 808,000 pounds, to be 56 percent above the pre-crisis 2006 level of 520,000. (Reporting by Chris Vellacott and Sinead Cruise; Editing by Dan Lalor) ($1 = 0.6217 pound)

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