(Alliance News) - Schroders PLC on Wednesday said Chief Executive Peter Harrison plans to retire next year, after eight years in the role.
Harrison joined the London-based investment manager in March 2013 and became CEO in April 2016. Prior to his current role, he was Global Head of Investment.
Schroders said that a thorough and extensive search for his successor will now be launched.
Schroders said it expects an "orderly transition" during 2025, with Harrison remaining as a director throughout the period.
Chair Elizabeth Corley said: "The board recognises that in Peter, Schroders has had an outstanding CEO over the past eight years. During his tenure, the business has undergone a remarkable transformation to become a global, diversified active investor across both public and private markets, as well as a leader in UK wealth management, more than doubling assets under management to over GBP750 billion."
Shares in Schroders were up 0.2% to 374.30 pence each in London on Wednesday around midday.
By Sophie Rose, Alliance News senior reporter
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Schroders (SDR)