London-based asset manager Schroders has appointed its chief financial officer Richard Oldfield as group chief executive, succeeding Peter Harrison.
Earlier in his career, Oldfield spent 30 years at audit giant PwC where he held senior roles including global markets leader.
Since joining Schroders in 2023 Oldfield was involved in projects such as an inaugural bond issue earlier this year.
Dame Elizabeth Corley, chair of Schroders plc, said: “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 stand-out 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.
“Peter has demonstrated strong leadership and unwavering commitment, leading the business through a remarkable transformation over the last eight years. He has successfully built out our private and public markets capabilities, overseeing sustained growth in our wealth business, and more than doubling assets under management to a record £773.7 billion.”
Oldfield said: “I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally. I cannot wait to get started.”
Harrison said: “Schroders will always be central to my life, having started my career as a graduate here. I am so proud of what we have achieved and have a huge affinity for the wonderful people who work at the firm.
Harrison will remain as group chief executive until 8 November 2024, at which point he will step down from the board. He will continue to work with Oldfield until the end of the year.
