Schroders CFO Richard Keers will retire at the end of the year, with PricewaterhouseCooper’s global markets leader Richard Oldfield set to succeed him in the role.
Keers (pictured) has been group CFO at Schroders for a decade, joining in May 2013 after 25 years at PWC, 17 of which were spent as a partner.
Keers and Oldfield were colleagues at the professional services group for some time, with Oldfield having been a partner there since July 2003. He will take over as Schroders CFO, and become a director of the company, on 2 October, with Keers due to depart on 31 December.
Keers said: “It has been an incredible journey to be part of Schroders over the past ten years. I am immensely proud of our success and achievements. I am confident that Schroders is poised for even greater success in the years ahead. I will cherish the memories and relationships forged during my time here.”
Schroders CEO Peter Harrison said Keers had been an “exceptional” CFO and thanked him for all he had achieved at the firm over the last decade. Chair Elizabeth Corley passed on her thanks on behalf of the board for Keers’ very significant contribution to Schroders.
Harrison added: “I am delighted that Richard Oldfield is joining the firm and believe that his global perspective and his experience in advising large multinational financial services organisations will help us to continue to deliver our strategy.”
Non-executive director change
Schroders also announced today (27 April) that Iain Mackay, the current CFO of GSK, will join the board on 1 January 2024 as a non-executive director. He will also join the asset manager’s Audit and Risk Committee, as well as the Nominations Committee.
Mackay became CFO at the multinational pharmaceutical giant in April 2019, having held a similar role at HSBC for the previous 12 years.
Total AUM creeps up
Alongside the CFO and non-executive director appointments, Schroders also announced a 1% increase in group assets under management (AUM) during the first quarter of this year.
Total AUM grew to £746bn in the three months to 31 March, with the group’s asset management division experiencing a £13.8bn AUM increase, reaching £532bn.
In addition, AUM in the wealth management arm passed the £100bn mark as most areas of the business experienced modest asset growth.