Schroders Restructures Executive Team Under New CEO

Schroders has significantly reduced its executive committee from 22 to 9 members under new CEO Richard Oldfield, who aims to revitalize the asset manager's performance following disappointing earnings and substantial client outflows. Oldfield, who took over from Peter Harrison, has appointed Ed Houghton as the new head of strategy and investor engagement. Following a recent trading update that revealed £2.3 billion in quarterly outflows and warned of an additional £10 billion in potential redemptions, Schroders' shares have dropped nearly 30% year-to-date. Oldfield's strategy includes understanding the business structure to create simplicity across its three main divisions. The leadership changes are part of a broader effort to align with European rivals and address the company's high cost base and slow growth in private markets. The changes reflect a critical moment for Schroders, which manages approximately £777 billion in assets.