UK fund firm Schroders names new chief financial officer
Adds company context and biographical details in paragraphs 5-8
LONDON, Sept 26 (Reuters) -UK fund manager Schroders SDR.L said on Thursday it had appointed a new finance chief and elevated its group investment chief to its board, the latest appointments as it seeks to reboot its performance.
Meagen Burnett, current group chief operating officer, will become chief financial officer, Schroders said in a statement, while Johanna Kyrklund, its group chief investment officer (CIO), will join the board.
Both appointments take effect from Jan. 1 next year and are subject to regulatory approval, Schroders said.
Schroders named a new CEO this month, appointing then-Chief Financial Officer Richard Oldfield in an attempt to reboot performance against a backdrop of skittish investor sentiment and industry-wide pressure on fees.
Mid-sized British firms like Schroders that focus on active funds have been squeezed by competition from cheaper index-tracking products sold by giants such as BlackRock and State Street Global Advisors, as well as inflationary pressures on costs.
Schroders, which started out financing trade between America and Europe and infrastructure, today is focused on managing money for pension funds, wealthy families and rich entrepreneurs. As of June it had 773.7 billion pounds ($1.03 trillion) of assets under management.
Burnett joined Schroders in January 2023, and currently oversees operations and technology, Schroders said. She has over 25 years' experience in financial services, with prior roles at firms including J.P. Morgan and Goldman Sachs.
Kyrklund, who was hired by Schroders in 2007, became group CIO in 2019. In her new board role, she will oversee investment performance across all business lines, the statement said.
($1 = 0.7493 pounds)
Reporting by Tom Wilson; Editing by Mark Potter
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