UK fund firms Schroders and Abrdn appoint new chief executives to reboot distressed assets By Reuters

By Sinead Cruise

LONDON (Reuters) – British fund managers Schroders (LON: ) and Abrdn named new chief executives on Tuesday, tasking two insiders with restarting performance at their respective firms amid jittery investor sentiment and jittery global markets.

Schroders appointed Richard Oldfield to succeed Peter Harrison in November, while Abrdn separately announced that interim boss Jason Windsor would become its new permanent chief executive.

Both executives take over at a testing time for the wider asset management industry, with active money managers struggling to cope with competition from cheaper index-tracking products and inflationary pressure on costs.

The promotions were described as unanimous choices by the chairmen of the asset managers.

Former Schroders CEO Harrison announced his plan to step down in April after eight years in the top role, prompting Britain’s biggest stand-alone fund manager to search for a successor.

Oldfield, 53, a finance veteran, joined Schroders last October as chief financial officer from PricewaterhouseCoopers, where he spent three decades in senior roles.

Schroders’ dismal half-year earnings in August underlined the challenge after the company missed profit forecasts and signaled pressure on its margins, sending its shares sharply lower.

SEPARATE

Abrdn’s Windsor took over as interim CEO in May after predecessor Stephen Bird abruptly resigned.

The company has come under particular pressure in recent years, reporting outflows of more than 10 billion pounds ($13.09 billion) in each of the past two years, although it has cheered investors this year by beating performance forecasts and starting to reduce costs.

Analysts have previously said a leadership change at Abrdn could reignite calls for a break-up of the company – which spans from traditional fund management to interactive investor in retail investment platform.

Windsor has deal-making experience, having spent 15 years at investment bank Morgan Stanley, although he told reporters in August that the group’s strategic repositioning was not a high priority.

“(Windsor) has made a huge impression both internally and externally since joining Abrdn, particularly as someone whose actions demonstrate that he cares deeply about our customers and clients and our people,” he said Abrdn President Flint in a statement.

Ian Jenkins will continue in the role of Abrdn Group Interim Chief Financial Officer and will now begin a search process for a permanent appointment to the role, the company said.

($1 = £0.7641)