From The Times:-
In 2002, five years after he had received an honorary knighthood from the Queen, Georg von Mallinckrodt was summoned to Buckingham Palace by Her Majesty. The Queen wanted to know why Schroders, then Britain’s biggest independent asset manager, had dispensed with the services of Rupert Caldecott and David Rowe. They had overseen the royal family’s investments for many years, and the Queen asked why she had not been consulted.
A Schroders insider said: “He considered himself a close friend of the royal family, but there was nothing he could do. It wasn’t his decision.”
By then, after 11 years (1984-1995) as Schroders’ executive chairman, he was a non-executive director, and Rowe and Caldecott had not actually been sacked, but chose to walk rather than be moved