With a three-decade career at PwC and having served as chief financial officer since last autumn, the new CEO takes the helm from a predecessor who has been in the post for eight years.

Schroders has appointed its chief financial officer, Richard Oldfield, to the CEO slot, succeeding Peter Harrison with effect from 8 November, subject to regulatory approval.

Before becoming CFO in October 2023, Oldfield worked for three decades at PricewaterhouseCoopers, in roles such as network vice chairman and global markets leader.

The London-listed firm, which operates in a number of regions, said a successor to Oldfield as CFO will be announced in due course. 

“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,” Oldfield said in a statement yesterday. 

The outgoing CEO has been in the post for eight years, building its private and public markets capabilities and growth in the wealth management side of the firm.

“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,” Dame Elizabeth Corley, chair of Schroders, said. “The board was unanimous that Richard was the stand-out candidate.”

Harrison, who started his career as a graduate at Schroders, will continue to work with Oldfield until the end of the year.

Schroders has assets under management of £773.7 billion ($1.012 trillion). At the start of August, Schroders said its pre-tax profit for the six months ending 30 June was £276.3 million, up a touch from the same period a year ago. It logged £3.9 billion in net new business, up sharply from £400 million a year earlier.