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Schroders group CEO Peter Harrison and executive directors have agreed to donate a quarter of their annual salary and 2020 long-term incentive plan awards for three months to charities working to combat the Covid-19 crisis.

At the same time, the firm’s chairman and non-executive directors will donate 25% of their fees for three months for Covid-19 related causes.

The fund manager also introduced a scheme to enable its staff to voluntarily donate up to 25% of three months’ salary.

Harrison stated: “During this period of extreme market volatility and social and economic uncertainty, the business has proven to be resilient.”

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The news was announced in Schroders’ Q1 earnings update.

The firm’s AUM dropped to £470.5bn as of 31 March 2020 from £500.2bn at the end of last year.

However, the firm still added net new money of £30.4bn, driven by the Scottish Widows mandate.

The firm also announced that it is not making job cuts due to the crisis.

Harrison added: “As an investor in many companies we remain actively engaged in supporting business through these extraordinary times with the aim of protecting the long-term interests of all stakeholders.

“We are committed to supporting our clients, colleagues and the wider community throughout the current COVID crisis. We are not seeking any government assistance globally, nor are we furloughing any employees or enacting any related redundancy programmes.”