Schroders has confirmed the promotion of its finance chief to the top job today as long-time boss Peter Harrison prepares to step down in November.
In a statement to the market, the FTSE 100 asset manager said Richard Oldfield, who has served as chief financial officer since last year, will take over the reins from the 8 November. Harrison will stay on in an advisory role until the end of the year.
A veteran of the consultancy industry, Oldfield spent 30 years at Big Four firm PwC and rose to the role of network vice chairman and global markets leader before joining Schroders as CFO last year.
“Richard has proven himself to be a natural leader of client focused, people centric businesses. He has a global perspective, a strategic growth mindset and a proven record of leadership,” Schroders chair Dame Elizabeth Corley, said in a statement.
Schroders said his appointment followed an “orderly and comprehensive succession process”, which was kicked off in April when Harrison announced his intention to retire.
After rejoining the firm in 2013, Harrison has overseen a period of expansion as the group more than doubled its assets under management to £774bn. He plans to stay through the role until next year to ensure an “orderly transition”.
However, the asset manager has been struggling to please the market in recent months.
It failed to lift profit margins in its most recent half-year results, causing its share price to fall 14 per cent at the start of August.
Oldfield’s appointment was first reported last week. He will now be tasked with steering the asset manager out of what has been a troubling period for London’s asset managers.
Nervous investors have pulled money from the market, and money managers have grappled with the shift to passive investing.
Shares in Schroders are down around 21 per cent since the start of the year and over 37 per cent across the past five years.
“I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally,” Oldifield said. “I cannot wait to get started.”
Shares rose around 0.3 per cent in early trading after the announcement.