We are delighted by a tipoff that Philip Mallinckrodt, the decent cove who retired this month as Schroder group head of private assets and wealth management, has been quietly selling part of his humungous holding of stock in the firm.
He has apparently realised circa £400,000 from selling shares recently, which we all fervently hope will be spent on a super-bash to celebrate his exit from the daily fray of banking. Such an event would, of course, be low-profile in the typical Schroder way.
Claridges would probably be taken over only for the day for partying, and strict limits would be placed upon supplies of caviar, lobster and Laurent-Perrier Ultra Brut.
For £400k is a mere bagatelle to Philip, who owns around 76 million Schroder ordinary shares and 5.9 million non-voting stock. His ordinary shareholding alone is currently worth circa £2.4 billion, assets which would keep at least five small private banks we know of going happily for years without any other clients.
Top hole, Philip, and just rewards for 20 years of slogging in City high finance.
Of course, the extended Schroder dynasty over the years has been considered a leading, if not the First Family of the City of London, even rivalling even such hallowed names as the Hoare, Rothschild and Fleming families.
Philip - or to use his full name, Philip von Mallinckrodt - is the son of another Schroder top man, Sir George ‘Gowi’ Mallinkrodt. Philip is also the nephew of the legendary Bruno ‘Islay’ Schroder of that Ilk.
The company’s origins can be traced back to 18th century Hamburg, the city from where family decamped to London to go on to fame and fortune. The Rothschilds also left Germany for Britain for their main base, while the Hambros moved here from their Scandinavian roots – showing just how fortunate London was to attract these glittering names of banking back in the day.
Of course, the illustrious patriarch of the family firm is Bruno, great-grandson of John Henry Schroder, its co-founder and whose fortune rich lists put last year at just around £4 billion.
Other Schroder glitterati are not doing too badly. Chairman Michael Dobson has a useful 423,991 ordinary shares while Bruno himself has a munificent 13.8 million – enough to feed his beloved Middle White pigs up on his Islay estate with choice feed for the next 10,000 years. But then, Bruno, Philip and ‘Dobby’ have always brought home the bacon.
Sadly, Philip and Bruno are the last of the Schroder clan at the firm in London although the former will retain a directorship. Nonetheless, in our hearts we still consider the dynasty the First Family of the City of London.
And even more sadly, Philip, rather than organising a bash for we Hoi Polloi in fact needs the proceeds of that shares disposal for personal tax and fee arrangements, we are told. Pity.
As we know, Schroder private assets and wealth management now reports to Peter Harrison, the group chief executive. He has only 257 shares so far, but you have to start somewhere.