Schroders set to promote CFO Richard Oldfield to CEO

Schroders is set to promote its chief financial officer Richard Oldfield to CEO after Peter Harrison announced in April that he would be retiring.

Oldfield, who joined Schroders last year from PwC, will be promoted to the top role next year, according to reports in the FT.

Oldfield worked as PwC for over 20 years, most recently as a partner and global markets leader, before being called in to replace outgoing finance chief Richard Keers last year.

Harrison, who has worked as CEO since 2016 and began at Schroders as a graduate in 1988, said earlier this year that “now is the right time for the board to begin the search for my successor”, with a new CEO expected next year.

“I remain fully committed to the business until my successor is found and will continue to work tirelessly to drive forward our strategic growth agenda, in partnership with the excellent management team that we have in place,” Harrison said at the time.

“Growth, and a clear focus on investment outperformance for our clients will remain our top priority.”

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 til next year to ensure an “orderly transition”.

However, the asset manager has been struggling to please the market, as it failed to hike profit margins in its most recent half-year results, causing its share price to fall 14 per cent at the start of August.

Schroders’ stock price is down 21 per cent since the start of the year, and 30 per cent over the last five.

Schroders declined to comment.