UK - David Salisbury, the chief executive of UK investment management group Schroders has quit the firm, following the publication of half-year figures for the group that showed underlying profits down to £74.2 million (e118m) – 7.4% lower than the £80.1 million in profits earned by the same point last year.

Salisbury, who had been with Schroders since January 1974, became head of the asset management business in September 1996 and rose to the rank of chief executive in May last year.

While the firm has seen investment performance pick up this year, funds under management have continued to slide, down to £122.6bn from £133.6bn at the end of last year.

As a result, the group’s share price has refused to budge.

Commenting on Salisbury’s resignation, Peter Sedgwick, chairman, says: “David has contributed a great deal to Schroders over many years and we are immensely grateful to him for all he has done. He was one of the driving forces behind the huge growth of Schroders’ asset management business in the 1980s and 1990s, both here and during the time he spent in New York. We wish him well.”

Sedgwick will assume the CEO responsibilities at Schroders until a new Chief Executive is appointed.

Schroders has also announced that John Troiano, head of institutional business, and Massimo Tosato, head of retail business, have been appointed to the Board.
They join Nick MacAndrew, chief financial officer, and Andrew Sykes, head of the private banking business, and, under Peter Sedgwick’s chairmanship, will form the Group Executive Committee.

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