Two of Britain’s oldest asset managers, Abrdn and Schroders, have promoted their former finance bosses to chief executive amid periods of turbulence at their respective firms.
Jason Windsor, former chief financial officer at Abrdn, has been given the top job permanently. He has worked as interim chief executive since May, when Stephen Bird stepped down.
Mr Windsor takes the reins following a round of deep cost-cutting at Abrdn, which was founded 199 years ago in Edinburgh.
In January, the firm said it would slash 500 jobs after worse-than-expected outflows – when investors withdraw more cash than they put in – in the second half of 2023.
And Abrdn’s shares have fallen nearly 16% since the start of 2024, as the firm has battled to keep investors on side.
David Herro, deputy chairman of US investment firm Harris Associates, a former top 30 shareholder in Abrdn, told the Financial Times newspaper in February that it sold its stake because it “lacked confidence that management could repair the business”.
I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally
Richard Oldfield, Schroders
Another unwelcome distraction came in April, when a senior director told Financial News magazine that Abrdn was the victim of “corporate bullying” at the hands of the media over an unpopular name change from Standard Life Aberdeen three years ago.
The interview with chief investment officer Peter Branner garnered a fresh wave of widespread media attention, with some outlets mocking the centuries-old investment firm afresh.
Mr Windsor said on Tuesday morning that he sees “significant headroom” across the business and “potential to generate a step-change in performance”.
Schroders, meanwhile, said its current chief financial officer Richard Oldfield will take the top job on November 8, following the retirement of current boss Peter Harrison.
The fund manager has 25 years on Abrdn, but has seen a similarly sharp drop in its share price this year of 21%.
In August, Schroders reported that it had missed its profit forecasts as clients veer towards cheaper investment services with lower fees.
Mr Oldfield joined Schroders from consulting giant PwC last year.
He said: “I know that despite industry challenges, we have the capabilities and people to seize the right opportunities to grow our business and be a leading creator of wealth, globally.”