It’s all change at the top of one of the City’s oldest fund managers. Schroders is expected to confirm, possibly as soon as tomorrow, that Michael Dobson, the chief executive, is to stand down after 14 years, as first reported by The Times last month.
The 63-year-old, 6ft 6in Old Etonian, who last year earned £8.2 million, is likely to be replaced as head of Europe’s second-largest listed asset manager by Peter Harrison, the company’s head of investment, who was appointed to the board in 2014.
Mr Harrison joined Schroders in 1988 and later became chairman and chief executive of RWC Partners, the asset manager, before returning to Schroders.
Another contender for the top job at Schroders is said to be Philip Mallinckrodt, son of the former Schroders executive chairman Sir George and nephew of Baron Bruno Schroder, who still controls the business.
The fund manager, which reports its annual results tomorrow, employs more than 3,700 people worldwide operating from 37 offices in 27 different countries. It was founded in 1804 and now manages £295 billion of assets,
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Schroders said last night: “We don’t comment on speculation and rumour.”
The shares closed 2.7 per cent higher yesterday at £26.87, valuing the company at £7.1 billion.