| Schroders |
120 Cheapside,
London,
EC2V 6DS
United Kingdom |
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www.schroders.com
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44-171-658-6000
Fax: 44-171-658-3950
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Founded in 1804, U.K.-based Schroders boasts full-service I-banking as well as one of the world's largest asset management groups, with more than $200 billion under its investing eye. Among Schroders' subsidiaries are a venture capital and management buyout arm (Schroder Ventures Limited) and a private banking arm (Schroder Asseily & Co.). Listed on the London Stock Exchange, Schroders had a market capitalization of $6.5 billion in the summer of 1998. Its purchase by Citigroup in January 2000 spells the end of nearly two centuries of independent investment banking; Schroders was the last independent I-bank in London.
Schroders was constructed through the purchase of Wertheim & Co., which was founded in 1927. Wertheim had developed a strong niche practice in selected industries, especially in securities underwriting and cross-border M&A activity. In 1986, Schroders paid $100 million for a 50 percent stake in Wertheim, and changed the firm's name to Wertheim Schroder & Company. In 1994, the firm's name became Schroder Wertheim & Company when Schroder bought the remaining 50 percent. In 1997, to consolidate its brand name, Schroders changed its New York-based subsidiary's name to Schroder & Company Inc.
The firm's services include corporate finance, mergers and acquisitions advisory, sales and trading, arbitrage, securities research, and asset management. Schroders specializes in the chemical, energy, healthcare, industrial manufacturing, lodging and gaming, media, restaurant, and transportation industries.
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Like other investment firms, Schroders interviews at the top MBA programs for its associate positions and top undergrads as analysts. High academic standing and prior experience in finance is a prerequisite for consideration. The company hires about 10 associates and 10 analysts per year. Schroders also has a 10-week summer associate program within the corporate finance department in New York. Summer associates function as full members of the department and contribute to several transaction teams. On average, the company hires five summer associates. Business school students should fax a resume to Andrew J. Frankle, the MBA Recruiting contact. To learn more about internships and the summer associate program, contact Schroders via e-mail at info@ipo-network.com.
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Unlike its parent company, "one of the larger European investment banks," Schroders is "smaller, with enough management contact to make hands-on learning easy." One summer associate cites the "international transactions" as a corporate element that "keeps things interesting." Schroders makes "a concerted effort" to ensure that its employees and even its summer associates "have a meaningful experience" and places them on "transactions in [their preferred] industries." Salary "beats the average securities company" and the hours are long, as "per industry standards." Dress "must be professional," and the atmosphere is social, with "company parties and gatherings in each department" and an annual Christmas party at the Plaza Hotel. There are "a number of Asian Americans and other minorities" at Schroders, but the male to female ratio is "lopsided." Despite mixed reviews on overall quality of life, one insider is decidedly optimistic: "Schroders is a good company to join right out of school and one you will want to stay with."
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Sue Cox
Corporate Finance;Mergers and Acquisitions;Sales and Trading;Securities Research;Asset Management
Credit Suisse First Boston;Deutsche Bank;Goldman Sachs;Merrill Lynch;Morgan Stanley Dean Witter;Warburg Dillon Read
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