Schroders has promoted from within the firm with the appointment of its chief financial officer, Richard Oldfield, as its new group chief executive.

With effect from 8 November 2024, Oldfield will succeed current group chief executive, Peter Harrison, who recently announced his upcoming retirement from the role.

Oldfield previously worked at PwC for 30 years and held several senior roles, including network vice chairman and global markets leader.

He was also on PwC’s UK Executive Board for five years, during which time he was head of clients and markets, and latterly head of strategy and communications.

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.

Schroders stated that, since joining the firm as chief financial officer in 2023, Oldfield had made an “immediate and significant contribution”.

He provided a “fresh perspective” on capital management, Schroders said, driving new initiatives such as the inaugural bond issue earlier this year and embedding commercial discipline across the group.

The process to appoint Oldfield was led by the chair, with the support of a board sub-committee, senior independent director, and a search firm.

While Harrison will step down from the board on 8 November, he will continue to work with Oldfield for the remainder of the year.

Commenting on his appointment, 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.”

Adding to this, Schroders chair, Dame Elizabeth Corley, said that Oldfield had proven himself to be a natural leader of client-focused, people-centric business, with a global perspective, a strategic growth mindset and a proven record of leadership.

“The board was unanimous that Richard [Oldfield] was the stand-out candidate,” she continued.

“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.

“Peter [Harrison] has demonstrated strong leadership and unwavering commitment, leading the business through a remarkable transformation over the last eight 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 £773.7bn.

“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.”

Commenting on his upcoming retirement, Harrison stated: “Schroders will always be central to my life, having started my career as a graduate here. I am so proud of what we have achieved and have a huge affinity for the wonderful people who work at the firm.

“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.”

The decision to appoint Oldfield is subject to regulatory approval.

A further announcement on a successor chief financial officer will be made “in due course”.

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