GCI axed as Schroders reviews PR

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

the roster.

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

years.

The agency previously advised Dobson on corporate communications issues

for Beaumont, which was bought by Schroders last October.