Pay Gap Reporting
The following page includes our statutory UK pay gap disclosures, alongside voluntary global gender pay gap and UK ethnicity pay gap analysis.
Pay gap data and representation should be considered together for a holistic picture of progress. Pay gaps show average pay differences between groups without adjusting for role type, whereas representation shows the proportion of employees from different backgrounds at various levels or functions. You can view our 2025 Inclusion & Diversity disclosures by region HERE.
It is also important to note that pay gap figures are distinct from equal pay, which compares pay for the same or similar work. Efforts to improve representation, particularly at junior levels, can temporarily widen pay gaps, as more women and ethnically diverse employees begin their careers. Structural workforce changes, like business reorganisations, can also have mixed effects on representation and pay gaps.
Global gender pay gap
We believe that diverse talent empowered by an inclusive culture is vital for innovation, resonance with clients and effective decision-making. Within our industry, the under-representation of women, particularly in fund management and client-facing roles, remains pronounced, with women still representing only around 20% of CFA charter holders. We aim to address this imbalance by ensuring equal access to career opportunities and resources for all employees. Our initiatives support recruitment, retention, and advancement; fostering an environment where talent can thrive, regardless of gender. By embedding inclusivity into our practices and regularly assessing our progress through transparent reporting, we reinforce our commitment to maintaining an inclusive and high performing workplace.
Fixed pay gap
The fixed pay gap is calculated as the difference between the mean / median hourly pay for men and the mean/ median hourly pay for women, expressed as a percentage of male result. The mean pay gap represents the difference in average pay between all men and women. It provides a sense of the overall disparity but can be influenced by very high or low earners. On the other hand, the median pay gap illustrates the difference between the middle value of pay for men and women when all salaries are sorted from lowest to highest. This metric provides a more typical comparison, as it is less affected by extremes. For 2025, both mean and median pay gaps have increased at an overall Schroders level:
Percentage of men and women per pay quartile
FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Projected figures | Male | Female | Male | Female | Male | Female | Male | Female | Male | Female | Male | Female | Male | Female |
Top Quartile | 76% | 24% | 74% | 26% | 75% | 25% | 73% | 27% | 72% | 28% | 73% | 27% | 73% | 27% |
2nd Quartile | 62% | 38% | 62% | 38% | 62% | 38% | 64% | 36% | 62% | 38% | 60% | 40% | 59% | 41% |
3rd Quartile | 51% | 49% | 51% | 49% | 50% | 50% | 48% | 52% | 48% | 52% | 49% | 51% | 47% | 53% |
Bottom Quartile | 45% | 55% | 45% | 55% | 44% | 56% | 43% | 57% | 45% | 55% | 44% | 56% | 43% | 57% |
Overall | 58% | 42% | 58% | 42% | 58% | 42% | 57% | 43% | 57% | 43% | 56% | 44% | 55% | 45% |
The change in fixed pay gap over the year to 31 December 2025 results from a combination of annual salary increases made on 1 March 2025, the impact of joiners and leavers in 2025 (particularly in light of restructuring activity) and ad hoc salary changes over the course of the year.
A key driver of the increase in the median gap was the proportion of salary increases which went to men who previously sat below the average, which pushed the male median up by 2%, compared to 1% for female. Notwithstanding this, the same proportion of males and females received increases, and the median increase was the same for men and women. Extensive fairness checks were performed during each compensation review and we are comfortable that outcomes were fair on this basis.
Bonus pay gap
From a bonus perspective, we have seen a 2-3% worsening in both our median and mean gaps. As with the fixed pay gaps, this was significantly impacted by the 2025 reorganisation activities which disproportionately impacted lower-paid males in Technology and Operations. In addition, 2025 performance outcomes were strong, which resulted in significant bonus increases for those in relevant senior fund management and client facing roles, where representation of women is lower than in other business areas.
UK statutory gender pay gap figures
Our gender pay gap figures have been calculated under the UK statutory methodology as at 5 April 2025. We report separately on our 3 UK employing entities with more than 250 employees: Schroder Investment Management Limited (SIM Ltd), Schroder & Co Limited (S&Co) and Schroders Corporate Services Limited (SCS). This data will be uploaded to the government portal by early April 2026.
2025 vs 2024
SIM | S&Co | SCS | |
|---|---|---|---|
Mean hourly rate of pay | Female earn 18% less than males (19%) | Female earn 29% less than males (29%) | Female earn 6% less than males (3%) |
Median hourly rate of pay | Female earn 19% less than males (20%) | Female earn 43% less than males (42%) | Female earn 9% less than males (10%) |
Mean bonus pay | Female earn 64% less than males (61%) | Female earn 44% less than males (53%) | Female earn 27% less than males (19%) |
Median bonus pay | Female earn 41% less than males (41%) | Female earn 76% less than males (78%) | Female earn 16% less than males (17%) |
Proportion of male and female employees who received a bonus | 90% of females (91%) 88% of males (90%) | 84% of females (94%) 91% of males (94%) | 90% of females (88%) 88% of males (97%) |
Note: 2024 Prior year figures are shown in brackets in figures above
SIM Ltd
SIM Ltd is the main employing entity for UK asset management and Group roles. SIM demonstrated improvement across most gender pay metrics, aside from the mean bonus pay gap, which widened this year. This was primarily influenced by deferred bonus payments, with a small number of higher-value payments impacting the results.
S&Co
S&Co is the main employing entity for the UK Wealth Management business. The S&Co population is relatively small in size and therefore small population changes and the profile of joiners and leavers can have a significant impact on the gender pay gap figures. S&Co saw a mixed picture: while bonus pay gaps improved, there was a slight increase in both the mean and median fixed pay gaps. These changes were mainly driven by employee turnover and differences in pay rates for new joiners compared to leavers.
SCS
SCS is the employing entity for many of our corporate functions that provide services to other entities. Like S&Co, the relatively small population size of SCS means the profile of joiners and leavers can have a significant impact on the gender pay gap figures. In SCS, the median gender pay and bonus gaps showed improvement. However, mean pay and bonus gaps widened, largely influenced by workforce composition changes and the impact of deferred bonuses exercised during the reporting year.
Proportion of male vs female employees in each pay band quartile
2025
SIM Ltd (2228) | S&Co Ltd (513) | SCS Ltd (358) | ||||||
|---|---|---|---|---|---|---|---|---|
M | F | M | F | M | F | |||
Total workforce | 62% | 38% | 58% | 42% | 58% | 42% | ||
Upper | 73% | 27% | 77% | 23% | 65% | 35% | ||
Upper middle | 68% | 32% | 73% | 27% | 61% | 39% | ||
Lower middle | 60% | 40% | 48% | 52% | 49% | 51% | ||
Lower | 47% | 53% | 34% | 66% | 58% | 42% | ||
2024
Total workforce | 61% | 39% | 58% | 42% | 60% | 40% | ||
Upper | 72% | 28% | 76% | 24% | 62% | 38% | ||
Upper middle | 69% | 31% | 75% | 25% | 68% | 32% | ||
Lower middle | 57% | 43% | 44% | 56% | 54% | 46% | ||
Lower | 47% | 53% | 38% | 63% | 55% | 45% |
The gaps continue to reflect lower female representation at more senior levels, with women representing 44% of our global workforce but only 35% of our senior management population.
UK Ethnicity pay gap
We first disclosed our UK ethnicity pay gap externally in November 2023. As shown in the graphs below (which also provide 2021 data for additional context but are not disclosed), the year-on-year fixed pay movement is generally favourable, with the majority of mean pay gaps remaining flat or reducing from 2024 to 2025, including both “Black / African / Caribbean” (-1.8%) “Other ethnic group” (-4.6%) and ”Asian” (-1.4%) gaps. Movement in median fixed pay is mixed, with gaps for those identifying as “Other ethnic group” and “Asian” decreasing in contrast to “Mixed / Multiple ethnic groups” and “Black / African / Caribbean” gaps which have widened.
Movement in bonus pay gaps shows a clear improvement in all areas on a mean basis, however we see the converse for median bonus pay, where all gaps except “Asian”, which represents our largest minority population, have widened.
Fixed Pay
Bonus pay
Population sizes (2025 vs 2024)
2025 | 2024 | ||||||
|---|---|---|---|---|---|---|---|
Black / African/ Caribbean | 84 | Minority | Black / African/ Caribbean | 113 | Minority | ||
Other ethnic group | 37 | Minority | Other ethnic group | 36 | Minority | ||
Asian | 346 | Minority | Asian | 409 | Minority | ||
White | 2410 | Minority | White | 2332 | Minority | ||
Mixed / Multiple ethnic groups | 85 | Minority | Mixed / Multiple ethnic groups | 98 | Minority | ||
Prefer Not to Say | 49 | Minority | Prefer Not to Say | 54 | Minority | ||
Historically our entry-level programmes have been the primary lever for broadening the ethnic diversity of our talent pipeline. Whilst this has had a positive impact on diversity at lower levels of the business, we are yet to see this translate into increased representation in mid-senior level roles. As such, our focus for 2026 will be on attracting and progressing more ethnic minority talent into our mid -level up to senior management roles.
Closing our gaps
We are committed to creating and sustaining an inclusive workplace where everyone can thrive, regardless of their background or personal characteristics. We believe that fostering such an environment not only drives innovation but also enables us to better connect with our clients and deliver business success.
Our enhanced Inclusion & Diversity (I&D) strategy is focussed on increasing diverse representation at all levels of the business, with particular emphasis on improving gender balance and ethnicity representation at Senior management levels. We are committed to removing bias from our key recruitment, progression, and retention processes, and are implementing targeted actions to address specific areas of concern and business need.
Key initiatives under our I&D strategy include:
Attraction | Progression | Retention |
|---|---|---|
• Proactively engaging diverse talent pools through targeted outreach
| • Providing clear job advancement criteria • Implementing consistent global talent review and promotion processes • Ongoing review and refinement of job architecture • Leadership programmes supporting progression into senior roles | • Leveraging our Global Inclusion Forum to consult on key I&D and people initiatives • Facilitating cross-team mentoring and sponsorship opportunities • Strengthening guidance on inclusive leadership • Demonstrating leadership commitment through visible allyship and divisional objectives |