GLOBAL - Schroders has appointed Richard Horlick as the new global head of institutional business.
Horlick reports to Michael Dobson, chief executive. He is currently president and chief executive of Fidelity Management in Boston which he joined in 1994, and head of Fidelity’s US institutional business.
The appointment follows Schroders slump in 1H, 2002 figures. The firm posted £20.5m in pre-tax profits, compared to £41.5m for the same period last year. Overall funds under management fell from £110bn at the end of December 2001, to £103bn. Schroders also issued a profits warning for 2H, 2002 on the back of weak markets, and said that it expects another 250 jobs to go by December in a bid to curb spiralling costs.
Commenting on the appointment Dobson said: As can be seen from our interim results, Schroders is beginning to make real progress in investment performance and business efficiency. These key appointments will continue this progress and reinforce the characteristics of the firm we want to build for the future; a modern, independent, global asset management firm supported by a strong investment process and efficient allocation of resources.
Schroders also declared that it is on the look out for asset management acquisitions using its £700m warchest. Possibilities include boosting fixed income operations or US institutional activities, the latter of which have seen considerable outflows, according to some reports.
Schroders has also hired Mark Pignatelli as chief investment officer. Previously head of pan European equities, he will now oversee the development of the firm’s investment philosophy and process globally. Pignatelli’s career began in 1987 when he joined Baring Asset Management (BAM) and became head of european equities in 1995. He remained at BAM until January 2000 at which time he joined Schroders.
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