New Schroders CFO builds stake

8th May 2013 15:29

The new Chief Financial Officer of Schroders, Richard Keers, who this month replaced Kevin Parry, has begun building his stake in the asset management company. Keers, who joined from PricewaterhouseCoopers (PwC), purchased 18,875 shares at 2,384p. The £449,980 transaction comes just a few days after the company reported a rise in pre-tax profits in the first quarter boosted by growth in assets under management (AuM). The British fund manager's pre-tax profit came to £115m for the first three months of the year, up from the previous year's £95.5m, as net inflows rose to £5.6bn from £1.6bn. AuM increased to £236.5bn from ££250.8, including performance fees of £2.8m. Earlier this year the company was forced to deny allegations one of its senior fund managers, Richard Buxton, was leaving the company due to its acquisition of Cazenove Capital. Buxton, who was head of UK equity at Schroders, resigned in March after 11 years at the UK asset manager. Top Director BuysSchroders (SDR) Director name: Mr Richard KeersAmount purchased: 18,875 @ 2,384.00p Value: £449,980Maven Income & Growth 4 VCT (MAV4) Director name: Mr David PotterAmount purchased: 51,177 @ 97.70p Value: £50,000Top Director SellsStandard Life (SL.) Director name: Mr Norman Keith SkeochAmount sold: 13,014 @ 391.30p Value: £50,924