Kate Leppard (KL): Richard, thank you for joining me. Can you start by telling me about your time at PwC?
Richard Oldfield (RO): My pleasure Kate. I spent three decades at PwC and led relationships with some of the firm’s largest clients, including HSBC. For the last eight years, I had responsibility for client interactions with PwC around the world.
When I started out, professional services was all about selling products: you sold an audit or a tax return and we didn’t think that much about what the client really needed. But we got better at building our organisation around our clients, rather than what we could sell. In all my roles, the key for me was understanding how we were adding value, thinking about the issues our clients faced and developing solutions for them.
So that’s my background. Client service will remain a key focus for me at Schroders. I really do believe that if you care for clients and have their long-term interests at heart, everything else sorts itself out.
KL: That reminds me of something that Bruno Schroder used to say: “if you look after the client, everything else will follow.” I’m sorry you never had the pleasure of meeting him, but I’m pleased that his ethos still lives on in the firm today. Richard, since joining Schroders, what have been your initial impressions?
RO: I’ve been hugely impressed with the focus on clients at every level within the business. People genuinely care about doing the right thing. I’ve also seen incredible innovation, with smart people sparking off each and seeking new client solutions. These values are real and alive in the firm. While asset management faces headwinds, I am incredibly positive about Schroders’ position. We benefit from a robust balance sheet and the supportive presence of the Schroder family as an anchor shareholder. I think we are uniquely placed to navigate any industry storms.
KL: What are the key areas of the business you really want to focus on?
RO: Beyond ensuring the firm is set up to deliver the best client outcomes, I’m focusing on three core areas. There’s Cazenove Capital and our broader wealth business, where I want to build on a world-class client experience. The other two areas are our public and private market businesses.
We’re a global firm, but unlike many of our competitors we are not part of a larger financial conglomerate. That independence allows us to act as the “voice of the client” and put the client first in everything we do.
KL: Richard, I know you’ve recently become a Cazenove Capital client. How has the experience been?
Is there anything you’ve particularly valued?
RO: I always appreciate it when people can take problems away from me. And that’s what Cazenove Capital do. I don’t need to worry about my investments, because I trust the team. They have been very good at understanding what I need and pro-active at getting in touch when something is likely to be on my mind. Investment performance is important too – and I know what good looks like. Cazenove Capital have done a really good job in 2024.
KL: Does Schroders’ 220-year history make it easier or more difficult to take tough decisions?
RO: I think our successful history comes down to the fact that we’ve remained relevant to our clients and retained their trust over many years. That guides any decisions I make, whether short or long term. How do we remain relevant to clients and continue to deliver for them? How do we retain and build on their trust?
The Schroder family’s 44% shareholding does make it easier to ride out the choppy waters and make the right decisions for the medium and long term, not just the next quarter.
KL: What are your thoughts on the role of AI and technology?
RO: As I see it, AI is just another technology that will improve the efficiency of humans. I’m old enough to remember the excitement at the launch of Microsoft Excel. AI is much more powerful. But fundamentally, it’s about empowering people and making them more productive, not replacing them. You can’t replace human engagement.
KL: Just turning back to the industry, can we talk a bit more about challenges and opportunities?
RO: I always like to reframe challenges in terms of opportunities.
Since the pandemic and the invasion of Ukraine, the US economy and markets have outperformed. That’s a challenge for European managers, because the US has become like a black hole, sucking in capital from all the over world. But it does give us the opportunity to have a grown-up conversation with clients about diversification. That’s not just through public markets; we have developed some really smart private asset offerings for clients, including individuals. It’s a similar story with passive investing and ETFs. As markets have become more and more concentrated, investors are starting to think about the limits of passive management. It has been a great source of low-cost returns, but we now have an opportunity to help clients reassess their exposure to different markets and sectors.
KL: Richard, you’ve said before that culture means lots of different things to lots of different people. What does it mean to you?
RO: I think of culture as the values that are embodied in an organisation and that can’t be replicated, such as excellence and teamwork. At Schroders, there’s also a natural instinct to do the right thing for clients and build on the firm’s legacy. When I joined, I was surprised by the number of people who had been working here for a very long time. That says a lot about the organisation. I also think this is a remarkably positive place, even when markets are difficult.
KL: You know I often think that we’re strongest as an organisation when times are tough. We saw it during the pandemic and in 2022. I think we deliver the best when times are good, but you really see the best of us when times are difficult.
Richard, to end: how do you relax?
RO: I find spending time with the family relaxing…it changes my head space completely. I have two teenage daughters, for whom life is a constant drama or there’s something fun or interesting going on. I also cook. You’ll often find me on a Saturday morning baking bread… there’s something quite therapeutic about smashing dough around!
KL: Any New Year’s resolutions?
RO: I worked out many years ago that New Year’s resolutions are generally broken in the first weeks of the year. But I do take note of things that I want to focus on. “Remember to choose your attitude” is often one of them. It’s so easy to worry about things that you can’t control, but we should all be focusing on those that we can and staying positive.
KL: Richard, thank you so much for your time and best wishes for 2025!
This article is issued by Cazenove Capital which is part of the Schroders Group and a trading name of Schroder & Co. Limited, 1 London Wall Place, London EC2Y 5AU. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
