Bill Baker is among the 30 people Michael Dobson has made redundant at Schroders in the UK, as part of the new chief executive's cost-cutting programme that will affect tens more people globally.

Baker was the head of UK equities at the firm. His department has been reorganised along product lines, with Nick Purves leading a core team, Richard Buxton heading up a specialist team and Andy Brough taking charge of a small/mid-cap stock team. Purves, Buxton and Brough report directly to Susan Haroun, the head of UK institutional investment, rendering it unnecessary to have a head of UK equities.