The boss of Schroders is under pressure from its influential founding family ahead of a revamp next week.
Richard Oldfield, the fund manager’s chief executive since November, is expected to unveil plans to cut costs and accelerate growth at the 221-year-old firm on Thursday.
The Schroders dynasty still owns a 44 per cent stake and has two representatives on the board, including Leonie Schroder, 51 daughter of the late City grandee Bruno Schroder who held the seat for 56 years before her.
Historically, the family stake has been seen as a steadying force that has shielded management from the demands for rapid action seen at many listed companies.
Influential: The Schroders dynasty still owns a 44 per cent stake and has two representatives on the board, including Leonie Schroder (pictured)
But they are now exercising their significant sway to urge directors to improve the company’s performance faster, Reuters reported.
The British fund manager’s stock slumped 25 per cent last year – the third year in a row that its share price has declined.
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