By James Booth

Of Financial News

Schroders is set to cut up to 3% of its workforce as its new chief executive Richard Oldfield tries to turn around the asset manager.

Schroders could cut around 200 people, or around 3% of its workforce, Bloomberg reported.

The job cuts are set to fall most heavily on its technology staff, the report said.

Oldfield took over from longstanding chief executive Peter Harrison in November.

The U.K. asset manager's share price has fallen by more than 50% from a post-pandemic high of nearly 653 pence in July 2021, to 320 pence on Thursday.

In December, an analyst at Deutsche Numis called for Schroders to sell its asset management business and become a pure wealth manager.

"We see it as a favorable outcome if the group disposes of its asset management operations, including the private markets businesses and asset management JV [and] associates, to one or possibly more industry consolidators," Deutsche Numis analyst David McCann said in a research note.

A spokesperson for Schroders in December pointed to a research note by Bank of America analysts from November, which said the group was "better positioned than traditional U.K. peers" given its exposure to wealth management and alternatives.

Oldfield joined Schroders as chief financial officer in 2023. He was previously head of clients and markets and head of strategy and communication at Big Four accountancy firm PwC.

Schroders isn't the only U.K. asset manager cutting jobs, with Liontrust cutting around 25 jobs in November, or around 12% of headcount.

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Write to James Booth at james.booth@dowjones.com

Website: www.fnlondon.com

(END) Dow Jones Newswires

January 17, 2025 03:22 ET (08:22 GMT)

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