Schroders to expand Hong Kong headcount and investment – report
Schroders intends to deploy more capital and hire additional staff in Hong Kong following its acquisition by US-based Nuveen, reported South China Morning Post citing global CEO Richard Oldfield.
The transaction concluded a day prior to Oldfield detailing the regional growth plans, establishing an entity overseeing approximately US$2.6tn in assets based on end-June figures.
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“Hong Kong is a critical interface for mainland China through schemes like Wealth Management Connect,” Oldfield stated in an interview.
Established in 2021, the cross-border initiative permits Greater Bay Area residents to purchase wealth management products across regional boundaries.
The firm’s decision to deploy further capital locally is supported by the Hong Kong administration’s initial five-year blueprint unveiled last month, which seeks closer economic alignment with mainland China.
“While there are no immediate plans to move to larger offices, headcount in Hong Kong has already increased over the last nine months,” Oldfield said.
“We are going to increase headcount in Hong Kong in the future. I am very excited about the work that the Hong Kong government is doing to make Hong Kong a more appealing location for private markets professionals to come live and work.”
Under the post-acquisition arrangement, Schroders will function autonomously for an interim period of 12 to 18 months under Oldfield’s leadership.
Existing portfolio strategies will persist unaltered, though commercial distribution units from both organisations will cooperate throughout this timeframe.
Hong Kong serves as a primary regional base for Schroders. Across Asia, the united entity oversees $320bn, representing roughly 12% of its global portfolio.
“Asia is the fastest growing part of the world, and therefore what we expect to see as Schroders and Nuveen is that the portion of our assets grows at a faster rate in Asia,” Oldfield stated.
“Asia is not an adjunct to our strategy. It is actually central to our future growth. The combination of Schroders and Nuveen gives us a much broader set of capabilities to serve clients, particularly in the areas of wealth, retirement, and private markets, which are especially important in the region.”
Schroders conducts its domestic mainland Chinese operations through a partnership with Bank of Communications, whilst running offshore client services from Hong Kong.
