Buxton, Gibbs and Geffen: 'Pru chief must go'

Speaking for the first time about the aborted deal, Schroders head of equities Richard Buxton says Pru management has to be accountable after it ran up huge costs in its failed AIA takeover. "This disastrous deal has cost shareholders £450m," Buxton told The Telegraph. "If we do not hold the management to account for this then we are giving every chief executive carte blanche to have a pop at deals without consideration for any downside risk. "It is a charter for investment bankers to make money at the expense of shareholders." Schroders is one of the Pru's largest investors, wi...