Abrdn and Schroders have both announced the appointment of new chief executives.
This morning, Abrdn announced the appointment of Jason Windsor as its chief executive while Schroders appointed Richard Oldfield.
Both men were previously their company's respective chief financial officers before being promoted.
While both firms are very different, Darius McDermott, managing director of Chelsea Financial Services, said both chief executives had big jobs ahead of them.
On Abrdn, he said Windsor should be focussed on improving investor returns.
He said: "Abrdn has gone through genuine teething pain through the merger of what was Standard Life Investments and Aberdeen Asset Management.
"This has taken a long time and there is now stability in the investment offering. But it is a diversified business with IFA and D2c investment platforms as well as IFA businesses. So clarity in the market place is an obvious place for the new CEO to prioritise. That and improving investor returns."
When it came to Schroders, McDermott said Harrison had left the firm in a good place for the new chief executive. He said: "I think Peter Harrison has done a very good job, assets have gone up under his stewardship even if the share price has not done so well.
"So the new CEO's both have big jobs ahead that is for sure."
Sharing his thoughts on the priorities of Abrdn's new appointment, Fairview Investing investment consultant, Ben Yearsley, had stronger words, putting it simply Windsor needs to "put the business out of its misery and sell it off".
He added: "The expensively-assembled business of many parts is going slowly towards being a pure asset manager again - that's the way it should have stayed."
Yearsley added that Oldfield did not need to change a great deal when he takes over Schroders, acknowledging that this doesn't mean he won't make changes as an incomer.
Abrdn
Windsor is currently serving as Abrdn's interim chief executive.
His appointment comes after his predecessor, Stephen Bird, announced he was stepping down after four years in May.
Earlier this year, Bird announced a shake-up of the business with plans to make £150mn of cuts to Abrdn's asset management division as part of a cost reduction programme which resulted in job losses.
The savings involved cutting 500 jobs, including what the company called removing layers of management and outsourcing more technology.
Abrdn chairman Sir Douglas Flint said: “I am delighted that Windsor emerged from what was a very thorough process at the unanimous choice of the board to lead abrdn in its next phase.
“He has made a huge impression both internally and externally since he joined abrdn, particularly as someone whose actions evidence he cares deeply about our clients and customers and our people.
“I very much look forward to working with him as our new CEO.”
