NEW YORK — Schroders Investment Management North America Inc. completed the final part of a buildup in the United States to shed its image as an international equity-only specialist.
In the past 18 months the firm hired three new portfolio managers and a spate of new institutional sales executives. It also reshuffled its staff to develop new products and to shore up its underperforming international equity products.
Peter Clark, chief executive officer, said the firm's goal is to project an image among U.S. institutions as a strong performing firm with a diverse stable of strategies — including international equity — in an effort to add to its $28 billion in assets from U.S. clients.
"I think Schroders has always been a diversified firm. The weight of international equity is now just a bit smaller," said Mr. Clark.
In late 2003, the firm added David Baldt, the top municipal bond portfolio manager at Deutsche Asset Management, and his entire portfolio management team to head its new office in Philadelphia and offer municipal bond portfolios.
In an effort to shore up performance in its international equity portfolio, which had suffered from underperformance and client losses since 2002 (Pensions & Investments, Nov. 1), the firm hired Virginie Maisonneuve, a well-known international equity manager from Clay Finlay Inc., New York, to head its active EAFE strategies, and Allan Conway, CEO of emerging markets equity at WestAM (U.K.), as the lead portfolio manager for its emerging markets equity products.