Schroders - one of the UK's largest fund managers - has dropped GCI
Financial after more than four years handling corporate communications
as part of a group-wide PR review.
The firm, which last week admitted to an embarrassing £11m
accounting error, has handed the bulk of its plc corporate PR work to
The Maitland Consultancy.
And it is understood Schroders is now reviewing all its group-wide PR
activities, with a view to consolidating its external communications
within one consultancy.
Industry speculation is that Maitland is in line to pick up further
briefs, with some PR work - particularly asset management communications
outside the plc - being taken in-house.
It is understood the review could affect all of Schroders' retained
agencies, including Penrose Financial, which works for the group's unit
trust business. Some international incumbents are expected to remain on
Schroders declined to comment on the PR review, but it is understood the
overhaul was sparked off by the appointment of CEO Michael Dobson, who
took up the post late last year.
Maitland, which also declined to comment, has worked with Dobson, the
former CEO of capital fund management business Beaumont for a number of
The agency previously advised Dobson on corporate communications issues
for Beaumont, which was bought by Schroders last October.