Schroders is set to appoint Richard Oldfield, its current CFO, as the next CEO, according to media reports.
According to The Financial Times, Oldfield, who joined from PwC last October, is expected to succeed Peter Harrison when he retires next year.
In April, Schroders, which manages £774bn in assets, said it is preparing for an “orderly transition” in 2025 and has ruled out external candidates Ralph Hamers and Annabel Spring.
Oldfield, who is up against internal candidates Johanna Kyrklund and Meagen Burnett, faces the challenge of revitalising the company’s performance amid a shift towards private markets and asset management.
Richard Oldfield is a member of Schroders’ leadership team and Board, responsible for finance, risk, compliance, treasury, tax, technology, and operations. He is a fellow of the Institute of Chartered Accountants of England and Wales.
Prior to joining Schroders, he was network vice chairman and worldwide markets leader at PwC until October 2023, where he oversaw significant worldwide client connections, mostly in financial services. His professional experience includes positions in Africa, London, Zurich, Paris, New York, and Sydney.
Schroders’ share price has fallen by more than 20 per cent this year and roughly halved since its 2021 top, with pre-tax profits falling from £618.1 million in 2016 to £487.6 million last year.
Schroders has declined to comment.