Panmure Liberum upgrades Schroders to 'Buy' following group CEO change

'Encouraging' early signs

Analysts at investment bank Panmure Liberum have upgraded their rating on asset manager Schroders from ‘Hold’ to ‘Buy’.

Research analysts Rae Maile, Ross Luckman and James Allen argued that "the new CEO [Richard Oldfield] may be a catalyst to reverse the underperformance in recent years and deliver on the potential that the Schroders brand, distribution and global reach has to offer".  The trio added that the early signs in Richard Oldfield's tenure "have been encouraging, and we expect action on the bloated cost base will be next".  Rathbones AM poaches from Schroders for business development director role Oldfield made the step up from chief financial officer to group CEO in early November last ye...