SCHRODERS plans to cut as much as 3 per cent of its workforce, as new chief executive officer Richard Oldfield looks to revive the UK’s largest standalone asset manager.
The firm is cutting about 200 jobs that are mostly in technology, according to a source familiar with the matter who asked not to be identified discussing private information. This is one of the first major changes from Oldfield, who took over from long-time CEO Peter Harrison in November.
“Our priority is to reposition the business at pace, as we transition to growth,” a spokesperson for the London-based firm said.
The cuts will help Schroders, which managed £774 billion (S$1.3 trillion) of assets as at Jun 30, “improve delivery and ensure we are well-placed to meet our 2025 objectives, which are centred on reinforcing our active investment proposition,” the spokesperson added.
The roughly 220-year-old firm’s share price has plummeted by about 50 per cent since its 2021 peak. It has faced criticism for its relatively high cost base and slower organic growth amid wider woes facing traditional active fund managers as investors flock to lower-cost passive funds.
Other firms in the industry have trimmed their workforces in recent months, including Wellington Management and Manulife Financial. Earlier this month, BlackRock told employees it’s cutting about 1 per cent of its 20,000 employees. BLOOMBERG
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