Magazine article American Banker

Schroders Hiring Executives to Lead Private-Client Charge

Magazine article American Banker

Schroders Hiring Executives to Lead Private-Client Charge

Article excerpt

Less than a year after selling its investment bank to Citigroup, London-based Schroders PLC, is busy building its private banking business.

On Thursday, the company picked Mike Bussey, who headed HSBC Republic's private banking business in Europe and the Middle East, to be chief executive of Schroder & Co., a unit formed in November to handle the private banking business that was previously done in Schroders' investment bank.

Mr. Bussey, 41, is to join the firm in April.

Also on Thursday, Schroder & Co. announced that it has hired Lloyd Reynolds to spearhead its international marketing effort. Mr. Reynolds, who will join the firm Monday, was head of the former J.P. Morgan & Co.'s European marketing. Also this month, Schroder & Co. named John Trueman, the former head of Bank of New York's Royal Bank of Scotland Trust bank, to be a nonexecutive director.

Schroder & Co., which currently manages about $6 billion of discretionary assets for wealthy investors, is seeking to expand its private banking presence in both Britain and the rest of Europe. Schroders PLC, a fund company, manages roughly $200 billion of assets.

"We have ambitious growth plans," said Andrew Sykes, chairman of the private bank, in a telephone interview Thursday. "Our focus is to expand in Europe by recruiting people on the ground in Germany, Italy, and Spain, and elsewhere."

Schroder & Co. already has a presence in Switzerland and the Channel Islands, and last year it formed a joint venture with a company in Austria to pursue wealthy customers there, Mr. …

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