Schroders' chief executive Michael Dobson denied speculation this week that the firm might sell its investment business and hold onto its private bank, or may sell some of its businesses that charge the lowest fees. Mr Dobson told Bloomberg: "It's rather like Boeing saying they are selling their aircraft business. The private bank provides 8 per cent of our profits. Need I say more?'' Rather, he said, recent swings in markets would help him spend some of the company's £900 million ($1.8 billion) investment capital to buy rivals. "It isn't going to be quite as positive for equity and bond markets going forward. That could lead to some consolidation or acquisition opportunities coming up,'' said Mr Dobson. London's largest publicly-traded fund manager has prospered through moving away from the traditional balanced pension funds it previously sold and into higher-fee investments such as mutual funds for individuals, property funds and some hedge-fund investments. Mr Dobson said he is considering buying a fund business in the US because he wants to grow the proportion of client assets overseen for customers there from 10 per cent at present. He's also considering buying a private bank or an operation in growing markets such as Asia or Latin America. About 60 per cent of the Schroders' revenue now comes from clients outside the UK. The firm's business in Latin America is doubling every year while its Chinese joint venture oversees about $6 billion, he added.