Schroders plc has appointed Richard Oldfield as group chief executive.
The current CFO, he will succeed Peter Harrison from 8th November 2024, subject to regulatory approval.
In his 30 years at PwC, one of the largest professional services networks in the world, Oldfield held senior roles including 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, whilst advising global clients on their most complex and challenging issues.
Since joining Schroders as chief financial officer last year, Oldfield has driven new initiatives such as the inaugural bond issue earlier this year and embedding commercial discipline across the group.
“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,” said Dame Elizabeth Corley, chair of Schroders plc.
“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.
“His personal values are closely aligned with the Schroders culture; he is authentic, wholehearted in his approach, passionate about clients and cultivating talent.
“Peter has demonstrated strong leadership and unwavering commitment, leading the business through a remarkable transformation over the last 8 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.
“It has been a real pleasure working with Peter and I would like to thank him, both personally and on behalf of the board, for his exceptional service.”
Harrison, who started his career as a graduate at Schroders, said the firm “will always be central to my life”.
“I am so proud of what we have achieved and have a huge affinity for the wonderful people who work at the firm,” he said.
“When we recruited Richard, I was impressed by his broad experience of running and growing businesses and his client centric approach. He has brought fresh insights during his first year and I am confident that he will continue to propel the business forward.”
Oldfield said: “I am honoured to be chosen as the next group chief executive for Schroders. Since joining, I’ve seen what a great company Schroders is.
“We are known for our long-term focus, meeting the needs of our clients, and for delivering excellent investment performance. 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.”