Richard Oldfield has been appointed as group chief executive of investment manager Schroders from 8 November.

He succeeds Peter Harrison who is retiring.

Schroders is a major investment manager and also has a joint venture Financial Planning arm called Schroders Personal Wealth run in conjunction with Lloyds Bank.

The appointment is subject to regulatory approval.

Before joining Schroders as chief financial officer, Mr Oldfield spent 30 years at professional services giant PwC where he held roles including network vice chairman and global markets leader. He was responsible for building teams to grow PwC’s client-facing businesses, whilst advising global clients on complex and challenging issues.

Dame Elizabeth Corley, chair of Schroders, said that since joining the firm Mr Oldfield has provided a fresh perspective on capital management, driven new initiatives and embedded commercial discipline across the group.

She said: “Richard has proven himself to be a natural leader of client focused, people centric businesses. He has a global perspective, a strategic growth mindset and a proven record of leadership.

“The board was unanimous that Richard was the stand-out candidate. 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.”

As Schroders CFO, Mr Oldfield currently has responsibility for firm-wide operations along with direct responsibility for financial management, risk management, technology, capital and treasury.

Mr Harrison with remain with Schroders as group chief executive until 8 November when he will step down from the Board. He will continue to work with Mr Oldfield until the end of the year to ensure a smooth transition.

Mr Harrison joined Schroders in March 2013 and became group CEO in April 2016 having previously been global head of investment. Before joining Schroders, he was chairman and CEO of investment boutique RWC Partners. He began his career at Schroders in 1988, and later spent some time at JP Morgan, and as group chief investment officer of Deutsche Asset Management (now DWS).

He is a member of the Treasury’s Asset Management Taskforce and the Capital Markets Industry Taskforce. He was previously chair and is currently a director of the Investment Association. He is the chair of Business in the Community, the King’s responsible business charity.

The succession process began in April and included both internal and external candidates.

Schroders has £773.7bn in assets under management, as at 30 June 2024, and 6,400 staff.