Schroders is targeting £150m net cost savings per year as part of a strategic overhaul in Richard Oldfield’s first full-year results as CEO.
The firm set out new targets for the next three years, including the aim to generate £20bn in net new business to Schroders Capital.
Schroder will seek to make cost savings by simplifying the business to remove duplication and overlapping processes and a “more focused product strategy” that targets improvement in speed to market.
So far, £20m of run-rate savings were made in the first quarter of 2025, the firm said.
“Today, we are setting out a clear plan to return to profitable growth, with ambitious new three-year targets,” said Oldfield (pictured), who took over as CEO from Peter Harrison in November.
See also: Schroders appoints Wealth Management CEO
“We will re-focus on our considerable areas of strength and have a firm grip on our challenges. Our transformation plan is underway, and will benefit not just our shareholders, but also our people and, most importantly, our clients. We have a strong balance sheet and will deploy our resources and capital rigorously.
“In an era of highly-concentrated and volatile markets, our active, forward-thinking and agile approach optimises the risk-return-cost equation.
“We are unashamed advocates of the power of active management to address our clients’ complex needs. Schroders is an exceptional company. We have all we need to ensure this business thrives.”
For the year to the end of 2024, assets under management grew 4% to £778.7bn.
Operating profit fell 3% to £640.5m, while statutory profit before tax rose 14% to £558.1m.
This story was written by our sister title, Portfolio Adviser
