Schroders
Encyclopedia
Schroders plc is a British
multinational asset management company with over 200 years of experience in the world's financial markets. The company employs 2,905 people worldwide who are operating from 32 offices in 25 different countries around Europe, America, Asia and the Middle East. Headquartered in the City of London
, it is traded on the London Stock Exchange
and is a constituent of the FTSE 100 Index
.
Schroders has two share classes: voting shares (SDR.L) and non-voting shares (SDRt.L).
Schroders bears the name of the Schröder family, a European banking family of German and French
origin.
(John Henry) became a partner in the London-based firm of his brother, Johann Friedrich (John Frederick). In 1818 J. Henry Schröder & Co. was established in London.
Key developments in the development of the business included the establishment of J Henry Schroder Banking Corporation ('Schrobanco') as a commercial bank
in New York in 1923, the public offering of the shares in J. Henry Schroder & Co. Ltd on the London Stock Exchange
in 1959 and the acquisition of Helbert, Wagg & Co, a leading issuing house, in 1962.
In 1986 the Company disposed of Schrobanco, its commercial banking arm in New York and acquired 50% of Wertheim & Co, a mid-tier New York based investment bank, whose activities more closely mirrored those of the London business.
Schroders played a leading role in the privatisations carried out by the UK Government in the 1980s and was to grow dramatically under Winfried Bischoff
. Schroders was worth £30 million when he took over as CEO in 1984: yet in 2000 the company sold the investment banking division to Citigroup
for £1.3 billion. Citigroup's European investment banking arm traded as Schroder Salomon Smith Barney from 2000 to 2003.
.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
multinational asset management company with over 200 years of experience in the world's financial markets. The company employs 2,905 people worldwide who are operating from 32 offices in 25 different countries around Europe, America, Asia and the Middle East. Headquartered in the City of London
City of London
The City of London is a small area within Greater London, England. It is the historic core of London around which the modern conurbation grew and has held city status since time immemorial. The City’s boundaries have remained almost unchanged since the Middle Ages, and it is now only a tiny part of...
, it is traded on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and is a constituent of the FTSE 100 Index
FTSE 100 Index
The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the footsie , is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange....
.
Schroders has two share classes: voting shares (SDR.L) and non-voting shares (SDRt.L).
Schroders bears the name of the Schröder family, a European banking family of German and French
French people
The French are a nation that share a common French culture and speak the French language as a mother tongue. Historically, the French population are descended from peoples of Celtic, Latin and Germanic origin, and are today a mixture of several ethnic groups...
origin.
History
Schroders' history began in 1804 when Johann Heinrich SchröderJohann Heinrich Schröder
Johann Heinrich Schröder was the founder of Schroders, one of the United Kingdom's largest investment banks.-Career:Having been admitted to his older brother's firm, J. F...
(John Henry) became a partner in the London-based firm of his brother, Johann Friedrich (John Frederick). In 1818 J. Henry Schröder & Co. was established in London.
Key developments in the development of the business included the establishment of J Henry Schroder Banking Corporation ('Schrobanco') as a commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in New York in 1923, the public offering of the shares in J. Henry Schroder & Co. Ltd on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
in 1959 and the acquisition of Helbert, Wagg & Co, a leading issuing house, in 1962.
In 1986 the Company disposed of Schrobanco, its commercial banking arm in New York and acquired 50% of Wertheim & Co, a mid-tier New York based investment bank, whose activities more closely mirrored those of the London business.
Schroders played a leading role in the privatisations carried out by the UK Government in the 1980s and was to grow dramatically under Winfried Bischoff
Winfried Bischoff
Sir Winfried Franz Wilhen "Win" Bischoff is an Anglo-German banker, who is currently chairman of Lloyds Banking Group plc. He was formerly chairman of Citigroup and previously served as interim CEO of the same company in 2007. He was succeeded as CEO by Vikram Pandit on 11 December 2007. Bischoff...
. Schroders was worth £30 million when he took over as CEO in 1984: yet in 2000 the company sold the investment banking division to Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...
for £1.3 billion. Citigroup's European investment banking arm traded as Schroder Salomon Smith Barney from 2000 to 2003.
Current operations
As at 30 September 2011, Schroders manages assets worth £182.2bn (€211.6bn / $283.9bn), on behalf of clients including corporations, insurance companies, local and public authorities, charities, pension funds, high net worth individuals and retail investors. Schroders operates through 32 offices in 25 countries providing wide geographic coverage. This allows Schroders to access clients in the traditional areas of the UK, Europe, US and Japan where the demand for asset management services is long established, and the fast-growing savings pools in the emerging and more recently developed economies in the Middle East, Asia Pacific and Latin AmericaLatin America
Latin America is a region of the Americas where Romance languages – particularly Spanish and Portuguese, and variably French – are primarily spoken. Latin America has an area of approximately 21,069,500 km² , almost 3.9% of the Earth's surface or 14.1% of its land surface area...
.
Business
- Geoffrey BellGeoffrey BellGeoffrey L Bell, , is an economist, banker, and Executive Secretary of the Washington based Group of Thirty, an influential and high powered council of private and central bankers....
- Chairman of Guinness Mahon (1987–1993) and founder of the Group of ThirtyGroup of ThirtyThe Group of Thirty, often abbreviated to G30, is an international body of leading financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors related to these issues... - Winfried BischoffWinfried BischoffSir Winfried Franz Wilhen "Win" Bischoff is an Anglo-German banker, who is currently chairman of Lloyds Banking Group plc. He was formerly chairman of Citigroup and previously served as interim CEO of the same company in 2007. He was succeeded as CEO by Vikram Pandit on 11 December 2007. Bischoff...
- Chairman of Lloyds Banking GroupLloyds Banking GroupLloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...
(2009–present) - Andrew KnightAndrew KnightAndrew Stephen Bower Knight is a journalist, editor, and director of News Corporation.-Career:He joined The Economist Magazine in 1966 on the international business and investment sections...
- Editor of The EconomistThe EconomistThe Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd. and edited in offices in the City of Westminster, London, England. Continuous publication began under founder James Wilson in September 1843...
(1974–1986)
Politics and public service
- David Ogilvy, 13th Earl of AirlieDavid Ogilvy, 13th Earl of AirlieDavid George Coke Patrick Ogilvy, 8th Earl of Airlie, KT, GCVO, PC, JP is the eldest son of David Ogilvy, 7th Earl of Airlie and Lady Alexandra Coke. His younger brother was Sir Angus Ogilvy, the husband of HRH Princess Alexandra of Kent.Born in London, Lord Airlie was educated at Eton, and...
- Lord ChamberlainLord ChamberlainThe Lord Chamberlain or Lord Chamberlain of the Household is one of the chief officers of the Royal Household in the United Kingdom and is to be distinguished from the Lord Great Chamberlain, one of the Great Officers of State....
(1984–1997) - Gordon Richardson - Governor of the Bank of EnglandBank of EnglandThe Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
(1973–1983) - James WolfensohnJames WolfensohnSir James David Wolfensohn AO KBE FKC was the ninth president of the World Bank Group.-Early life:James Wolfensohn was born in Sydney, Australia, on 1 December 1933...
- President of the World BankWorld BankThe World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
(1995–2005) - Sir John Henry BremridgeJohn Henry BremridgeSir John Henry Bremridge , KBE, JP, MA was Financial Secretary of Hong Kong from 1981 to 1986. He was the first Financial Secretary who was not a civil servant. Before serving as Financial Secretary, he was a senior member of staff in the Swire Group and non-executive director of Schroders...
KBE, JP, MA - Financial SecretaryFinancial secretaryFinancial secretary is an administrative and executive government position within the governance of a State, corporation, private or public organization, small group or other body with financial assets....
of Hong Kong (1981–1986). Sir John Henry Bremridge served as a non executive director of Schroders plc.
Other
- Avery RockefellerAvery RockefellerAvery Rockefeller was the son of Percy Avery Rockefeller, one of the richest financiers of his time.Rockefeller attended Yale University, but on 20 September 1923, he secretly married Anna Griffith Mark , daughter of Clayton Mark , a wealthy steel manufacturer...
- member of the Rockefeller familyRockefeller familyThe Rockefeller family , the Cleveland family of John D. Rockefeller and his brother William Rockefeller , is an American industrial, banking, and political family of German origin that made one of the world's largest private fortunes in the oil business during the late 19th and early 20th... - Frank Cyril TiarksFrank Cyril TiarksFrank Cyril Tiarks OBE was an English banker.Tiarks married Emmy Maria Franziska Brödermann of Hamburg, Germany, on 18 November 1899....
- director of the Bank of England (1912–1945); and High Sheriff of Kent (1927)