Michael Dobson should have an interesting time turning around Schroders.
At least having been a non-executive director of the firm, the former Deutsche Asset Management boss has a pretty good idea of what he's letting himself in for.
One of the first headaches he may have to deal with, though, is in the back office - not somewhere this most suave of City characters would necessarily spend much of his time. However a legacy of his predecessor David Salisbury is the outsourcing contract with Chase's old custody division, now JPMorgan Investor Services.
Outsourcing the back-office was supposed to free up the investment staff to concentrate on what they're good at: investing and gathering assets. Outsourcing has been a buzzword in fund management for some time and the JPMorgan deal made a big splash when it was announced last year.