British asset management company Schroders plans to cut 3% of its staff, equivalent to 200 employees, mainly IT department employees. New CEO Richard Oldfield seeks to revitalize the UK's largest independent asset management company.
A Schroders spokesman responded to media inquiries and said that the company is re-determining the staffing of various departments to match business performance. This is one of the first major actions since Oldfield took office in November.
A spokesman for the London-based company said in a statement, "Our priority is to reposition our business in tandem with the transition to growth."
Schroders managed 774 billion pounds ($947 billion) as of June 30. The stock price of the approximately 220-year-old company has fallen by about 50% from its 2021 peak. As investors flock to lower-cost passive funds, traditional active fund companies face broader difficulties, and Schroders has been criticized for its relatively high cost base and slow organic growth.
