Latest news with #RichardOldfield
Canada Standard
4 days ago
- Business
- Canada Standard
Big investors leaving U.S. markets amid trade wars, rising U.S. debt: FT
BEIJING, June 6 (Xinhua) -- Big institutional investors are leaving the United States as U.S. administration's trade wars and the country's rapidly mounting government debt have shaken confidence in American assets, according to a Financial Times report on Thursday. "The U.S. president's erratic trade policy has shaken global markets in recent months, sparking a sharp sell-off in the U.S. dollar and leaving Wall Street stocks lagging far behind European rivals this year," said the report posted online. A top executive at a big American private capital firm described the White House's so-called "liberation day," when the U.S. administration unveiled sweeping tariffs on Washington's trading partners, as "a wake-up call to a lot of people that they were overweight the U.S.," leaving institutional investors reviewing the extent of their holdings in the country, it said. The report cited Caisse de depot et placement du Quebec, Canada's second-largest pension fund, as saying that it would reduce its exposure to the United States and increase investments in Britain, France and Germany. New York-based investment firm Neuberger Berman has made 65 percent of its private equity co-investments in Europe this year, up from 20-30 percent in recent years, according to Joana Rocha Scaff, its head of European private equity. "We have started to see the early signs of investors shifting away from the U.S.," Richard Oldfield, chief executive of UK asset manager Schroders, told the Financial Times.
Time of India
16-05-2025
- Business
- Time of India
UK-listed fund group Schroders outsources in-house tech services to UST
UK-listed fund group Schroders is outsourcing a significant part of its technology function as part of an ongoing cost-cutting drive under new chief executive Richard Oldfield. The $758-billion asset manager has picked digital consultants UST to take over services across its IT infrastructure and support division. Confirming the same, a Schroders spokesperson in a statement to ET said, "Schroders has partnered with UST, a global digital transformation solutions provider, to outsource a range of in-house global technology services." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas In Dubai | Search Ads Get Rates Undo This forms part of the operational and digital transformation currently underway at Schroders as part of its commitment to enhancing speed, agility, and efficiency within its operations, the fund group said. Schroders is committed to innovation and the partnership with UST further underscores this focus; these changes will deliver better client outcomes and support clients' evolving needs, it said. Live Events The services being transitioned are within the IT infrastructure and support division (networks, service desk, desktop user support and server infrastructure). Infosec and cybersecurity remain unchanged, Schroders said. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories UST has worked closely with Schroders for 14 years. It offers a wide range of services, including digital transformation, cloud transformation and data analytics, the fund group explained.
The Star
01-05-2025
- Business
- The Star
Schroders hit by client withdrawals from China
LONDON: British fund manager Schroders reported 7.4 billion pounds ($9.8 billion) of net outflows in the first quarter on Thursday, as customers withdrew cash from its joint venture funds in China. Schroders said its flows were impacted by 8.5 billion pounds cashed out from its joint ventures in the three months to end-March, primarily from money market funds in China, where it operates two ventures with local bank Bank of Communications. Analysts at JPMorgan called the first quarter performance "lacklustre", with its flows and the market performance of its funds falling short of the analysts' forecasts. Schroders shares fell more than 3% in early trading and were last down 1.2% at 0720 GMT. China has been at the centre of deteriorating global trade relations with the United States, although the quarterly figures pre-dated U.S. President Donald Trump's main barrage of tariffs on April 2. Reuters reported last month that Schroders cut about one-sixth of staff at its separate fully-owned China fund manager, the latest global asset manager to trim operations in the country as it seeks to cut costs under new CEO Richard Oldfield. Olfield unveiled a strategy update for the 221-year old firm in March aimed at rebooting its flagging performance, including by shedding 150 million pounds of costs and sharpening its focus on wealth management. Schroders also reported total assets under management of 758.4 billion pounds at the end of March, down nearly 3% from the end of 2024. The FTSE 100 firm said that excluding the joint venture withdrawals, it attracted 1.1 billion pounds of net inflows, driven by its wealth management arm and private markets business Schroders Capital. - Reuters
South China Morning Post
27-04-2025
- Business
- South China Morning Post
UK fund manager Schroders to invest more in Hong Kong as trade war ups demand, CEO says
British asset manager Schroders will continue to expand in Hong Kong to tap Asia-Pacific's fast-growing wealth-management and pension businesses, as its top boss believes market uncertainty brought on by the US-China trade war will increase demand for its services. Advertisement 'The tariff issues and trade challenges are going forward, but it would not affect our commitment and investment in Hong Kong, mainland China and Taiwan,' Richard Oldfield, the firm's group chief executive, said in Hong Kong earlier this month. 'When we think about where wealth is growing the fastest, it is in Asia. When we think about ageing populations and the need across the region to prepare for retirement, it is also Asia.' The city is central to the firm's growth aspirations, he added. 'We are very supportive of the Hong Kong government's initiatives to try and make Hong Kong a really attractive destination for high-net-worth individuals and for family offices,' he said. Advertisement
Yahoo
21-04-2025
- Business
- Yahoo
Schroders trims headcount at China fund management arm
Schroders has reportedly reduced its workforce size at its wholly-owned China fund management unit, Schroder Investment Management China (SIMC). This decision is part of a strategy to manage costs under the leadership of new CEO Richard Oldfield, reported Reuters, citing sources. Sources familiar with the matter indicated that the Shanghai-based unit, which was established in 2023, has axed around 10 employees from its team of 60. The reductions primarily affected the unit's wholesale sales and client-service personnel, with notifications being issued on 8 April. Schroders has opted not to provide a comment on the situation. Various Western asset managers have faced challenges in China, with many encountering difficulties in establishing and maintaining operations in the market. Despite these challenges, Schroders has maintained a significant presence in China through a joint venture (JV) with the Bank of Communications, which oversees assets worth approximately £68bn ($90bn). SIMC currently manages around $1bn across four mutual funds, as estimated from quarterly reports. Last month, Schroders announced that it aims to achieve £150m ($199m) in annual net cost savings over the next three years to drive 'profitable growth', with £20m ($26.5m) already realised in Q1 2025. In addition to the layoffs, reports from December indicated that Schroders was exploring the sale of its Indonesian operations and was implementing broader cost-cutting measures. The competitive landscape for SIMC is challenging, with both domestic and international fund managers vying for market share, as well as competition from its larger JV with Bocom. "Schroders trims headcount at China fund management arm" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
