The Daily Telegraph reports that, despite posting a third quarter loss of £9.4m, chief executive Michael Dobson is confident that the measures that he has put in place in the last 12 months are sound and that the firm is moving 'in the right direction'.
Dobson said that 'we have radically reduced our cost base, significantly strengthened the management and the business has a sharper focus. We are in the process of making Schroders more efficient'. Although the firm continues to suffer, like many others, in the current bear market, the Schroders boss also confirmed that the business 'is where we hoped it would be at this stage'.
Although the firm has lost around £9bn of mandates in the last 18 months or so, there was no net outflow of funds in the last quarter and Dobson hopes the worst is over. Headcount is expected to fall marginally in the coming months, although the firm has confirmed that it will also be hiring key staff as we go into 2003.