Schroders Considers Selling Indonesian Unit Amid Strategic Shift
SINGAPORE/HONG KONG (Reuters) - Schroders is looking to sell its Indonesian business, according to two sources with knowledge of the matter, as the U.K.-headquartered global asset manager weighs exiting some sub-scale markets under its new chief executive.
The plan is fuelled by Schroders' CEO Richard Oldfield, who took charge last month, looking to trim the investment manager's underperforming units, said one of the sources, in an attempt to reboot performance after a string of disappointing earnings.
Share prices of the 224-year-old firm are at an 11-year low.
"We are constantly in discussions with potential partners to ensure we continue to deliver exceptional service and value to our clients," Schroders Indonesia spokesperson said, adding the company would not comment on specific market speculation.
(Reporting by Yantoultra Ngui in Singapore, Selena Li and Kane Wu in Hong Kong; Additional reporting by Stefanno Sulaiman in Jakarta; Editing by Sumeet Chatterjee and Tom Hogue)
