(Bloomberg) -- Schroders Plc has named finance chief as the firm’s new chief executive officer ending a five-month search for a new leader.
Richard Oldfield, who joined the London-based asset manager last year, will take over from Peter Harrison on Nov. 8, subject to regulatory approval, the firm said in a statement Tuesday. Oldfield previously spent more than two decades at PwC in several senior roles, including network vice chairman and global markets leader.
“The Board was unanimous that Richard was the stand-out candidate,” said Chair Elizabeth Corley. “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.”
Harrison, who has held the top job at the firm since 2016, announced in April he would be retiring from the role. He will continue to work with Oldfield until the end of the year, according to the statement. The firm is looking for a new CFO.
There have been numerous contenders for the top job, including former UBS Group AG boss Ralph Hamers, as well as Chief Investment Officer Johanna Kyrklund and Chief Operating Officer Meagen Burnett, Bloomberg reported previously.
Schroders, the UK’s largest standalone asset manager, has so far been resilient to the pressures facing the active asset management industry as rivals have been grappling with client outflows. Its assets rose to rose to £773.7 billion at the end of June from £750.6 billion at the start of the year.
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