Schroders steps back from London Stock Exchange-led City taskforce

Schroders has stepped back from a key financial sector taskforce led by the London Stock Exchange, even as the asset manager's chair joins the board of the bourse's parent company.

Sky News has learnt that Schroders has downgraded its involvement in the Capital Markets Industry Taskforce (CMIT), which was established in 2022, following the recent change of leadership at the company. Sources said that while former Schroders chief executive Peter Harrison remained on CMIT's board in a personal capacity, his successor, Richard Oldfield, was unconvinced that its priorities and those of CMIT were aligned.

Money latest: Nearly half of landlords to raise rent ahead of reforms CMIT, which stages the latest in a series of conferences for industry stakeholders later this month, is chaired by Dame Julia Hoggett, the LSE's chief executive. The group was convened at a crucial time, amid growing concern that London's status as one of the world's leading financial centres is at risk, particularly in respect of its ability to attract high-growth international companies to list on the LSE.

Last week, Sky News revealed that Dame Elizabeth Corley, the Schroders chair, was joining the London Stock Exchange Group (LSEG) board - a move which sparked surprise from senior figures because of the commercial relationships between the two companies. Insiders believe the appointment places Dame Elizabeth in a strong position to replace Don Robert as LSEG chair in the coming years.

Schroders said in a statement: "We continue to support CMIT's aims of driving growth in the UK's capital markets. "After leaving Schroders at the end of last year, Peter continues to be a member of CMIT in a personal capacity." A Schroders insider claimed the company itself had never formally been a member of the taskforce.

LSEG declined to comment..