Bruno Schroder, heir to historic London banking fortune, dies at 86
Bruno Schroder, heir to one of London's oldest banking fortunes, has died. He was 86.
Money manager Schroders said he died on Wednesday after a short illness. Born in 1933, he was the great-great grandson of Johann Heinrich Schroder, who set up J. Henry Schroder & Co in 1818. He served as a director of his family firm since 1963 and his storied name provided a link to a bygone age in the City of London, where firms like Kleinwort Benson, Morgan Grenfell and SG Warburg dominated. The deregulation of London's financial markets in 1986 - known as the Big Bang - exploded this gentlemanly world and saw many of the merchant banks snapped up by larger rivals.
"Bruno made an enormous contribution to Schroders over more than 50 years," said chairman Michael Dobson. "He was passionate about Schroders and unwavering in his support."
Schroders, which sold its investment banking arm to Salomon Smith Barney in 2000 before that firm became part of Citigroup, moved its focus to money management. The firm bought Cazenove Capital Holdings in 2013 and the combination brought together two of the City of London's oldest firms.
Today, Schroders is one of the UK's largest money managers, investing almost half a trillion pounds for its clients. The company's total assets under management reached their highest level ever last year. That helped make Baron Bruno Lionel Schroder and his family one of the UK's richest families, with about €3.5bn, according to the Bloomberg Billionaires Index.
He studied at Eton, Oxford University and Harvard Business School. A keen pilot, he married Patricia 'Piffa' Holt in 1969. They had a daughter, Leonie, in 1974. The couple later separated, according to the 'Evening Standard'.