Schroders, the financial group, has sold off its pension administration and index tracking businesses as the firm's chief executive Michael Dobson continues to re-focus on high margin active management.

Schroders Pensions business, which administers defined contribution pensions for external clients, has been sold to Alexander Forbes, the South African financial services group and its consulting subsidiary, Lane Clark & Peacock, for up to £22.5m (€35.6m).