David Salisbury resigned as CEO of Schroders PLC after results released for the first half 2001 indicated the firms institutional assets under management fell 19% to £100 billion ($144.9 billion), compared with the first six months of last year. Peter Sedgwick, Schroders chairman, was named acting CEO until a replacement is found, said Julian Samways, Schroders spokesman.
Schroders reported net outflows from institutional clients of £6.9 billion for the first six months of this year, compared with outflows of £2.7 billion for the same period in 2000.
Mr. Samways said the fall in institutional assets under management was partly due to a switch to specialist asset management by U.K. institutions, which are the firms core client base. The losses also reflect the firms patchy investment performance up until the end of 1999. Since then, however, performance has improved, with more than 66% of the firms funds offering above-benchmark returns, he added.