Schroders dumps CEO
The departure of David Salisbury from Schroders gives more ammunition to those critics who say the firm lacks direction.
In the face of a big slump in first-half pre-tax profits from £130 million to £42 million, the spin on the move from Schroders is that Salisbury's replacement with a new chief executive, now being headhunted, will bring fresh impetus to the firm.
One name being bandied around is former Deutsche Asset Management man Michael Dobson, still a non-executive director at Schroders, though having only recently set up his new business, Beaumont Capital, he will not come easily, or cheaply, if at all.
Salisbury follows highly regarded investment chief Nicola Ralston out of the door. She, unlike Salisbury, made her own decision, announcing she was leaving to spend more time with her family earlier this year.
It has not been an easy time for Schroders in the past few years.