GLOBAL - Schroders' chief executive Michael Dobson has axed nearly 70 jobs at the fund manager, in his first shake up of the firm since his arrival in October.
As part of the restructuring at the firm, 30 staff will be made redundant in the UK. The biggest name amongst the departures is Bill Baker, head of UK equities. The UK fund manager Richard Colwell is also being made redundant, with the remaining job losses coming from Schroders administrative staff.
Schroders’ spokesman Julian Samways said that Baker had left by “mutual consent”, as his role was made redundant in the reorganisation. Baker joined Schroders in 1992 from Mercury Asset Management and had held the top UK equities post since 1999.
The firm’s overseas offices will suffer the majority of the job losses, although Samways was quick to add that the upcoming 30 to 40 redundancies would not effect its operations. Schroders has 39 offices outside the UK, of which 10 will be closed.
Samways said that Dobson has taken this course of action in order to focus the firm’s attention on asset management, its core business. Cost cutting is another avowed aim, as well as outsourcing the acceleration of its custody, fund administration and IT services.
Separately, the specialist UK equities fund manager Ian McVeigh is leaving the firm. Samways said that McVeigh was leaving to set up his own hedge fund.
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