(Alliance News) - Peter Hetherington has been tapped to run the new asset management joint venture between Schroders PLC and Lloyds Banking Group PLC, the Financial Times reported Monday.
Hetherington, the former IG Group Holdings PLC chief executive, takes over at Schroders Personal Wealth as the venture ramps up for its launch in November, the newspaper added.
He will take over from James Rainbow, who return to Schroders and take up UK head of distribution and Latin America at the FTSE 100-listed asset manager.
Schroders Personal Wealth is will begin life with GBP13 billion of assets under management and 30,000 clients.
https://www.ft.com/content/bb8937d8-e8ea-11e9-a240-3b065ef5fc55
Hetherington left online trading platform IG in September 2018 after spending 24 years at the company, having joined as a graduate trainee in January 1994 to become CEO in October 2015.
Lloyds has hired Schroders to manage a portion of its Scottish Widows' assets, which totalled about GBP104 billion as of June 30. As part of the Scottish Widows deal, Lloyds and Schroders agreed to the Schroders Personal Wealth joint venture.
By Paul McGowan; paulmcgowan@alliancenews.com
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