Schroders reduces headcount at China unit SIMC as part of cost-cutting strategy

From Yahoo Finance: 2025-04-21 08:16:00

Schroders has reduced its workforce at its China unit, SIMC, part of a cost-cutting strategy under new CEO Richard Oldfield. Around 10 employees out of 60 were let go, primarily in wholesale sales and client services, with notifications sent on 8 April. The firm has not commented on the layoffs.

Despite challenges in China, Schroders maintains a strong presence with a joint venture overseeing $90bn in assets. SIMC manages $1bn across four mutual funds. The firm aims to achieve £150m in net cost savings over three years, with £20m already realised in Q1 2025. In December, reports indicated Schroders was exploring the sale of its Indonesian operations.

Competition for SIMC is fierce, with both domestic and international fund managers vying for market share. The unit faces challenges from its larger JV with Bocom. Schroders has not issued a statement regarding the layoffs at SIMC.



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