Schroders has appointed Richard Oldfield as group chief executive, succeeding Peter Harrison, with effect from November 8, subject to regulatory approval.
Oldfield has worked for 30 years with PwC, where he held senior roles, including as network vice chairman and global markets leader. Reporting to the global chair, he was responsible for building teams to grow PwC’s client-facing businesses profitably while advising clients on complex and challenging issues.
Since joining Schroders as chief financial officer, Oldfield has made an immediate and significant contribution, providing a fresh perspective on capital management, driving new initiatives such as the inaugural bond issue earlier this year, and embedding commercial discipline across the group, the London-based global asset manager says in a statement.
Smooth transition
The appointment follows an orderly and comprehensive succession process, which began in April and involved a global search, including internal and external candidates. The process was led by the chair, with the support of a board sub-committee, senior independent director and a leading search firm.
Harrison will remain as group chief executive until November 8, at which point he will step down from the board. He will continue to work with Oldfield until the end of the year.
Oldfield joined Schroders in 2023. He had responsibility for all lines of service, major client and industry programmes, building and leading teams across multiple countries to drive financial performance, client portfolio optimization, and ensuring the delivery of strategic projects.
He was also on PwC’s UK executive board for five years during which time he was head of clients and markets and, after that, head of strategy and communications.
As Schroders’ chief financial officer, Oldfield has responsibility for firm-wide operations along with direct responsibility for financial management, risk management, technology, capital and treasury. The appointment of his successor as CFO will be announced in due course.
Standout candidate
Schroders chair Elizabeth Corley comments: “Richard has proven himself to be a natural leader of client-focused, people-centric businesses. He has a global perspective, a strategic growth mindset and a proven record of leadership.
“The board was unanimous that Richard was the standout candidate. It was clear that his strong business acumen will drive purposeful transformation at pace, and we are confident that he will develop our strategic priorities, enabling Schroders to continue to grow and serve clients.
“His personal values are closely aligned with the Schroders culture; he is authentic, wholehearted in his approach, passionate about clients and cultivating talent.”
On behalf of the board, Corley also thanks Harrison for his “strong leadership and unwavering commitment, leading the business through a remarkable transformation over the last eight years”.
She notes that Harrison has successfully built out Schroders’ private and public markets capabilities, overseeing sustained growth in the wealth business and more than doubling assets under management to a record £773.7 billion (US$1.01 trillion).
