Schroders boss Peter Harrison is set to stand down after more than eight years in the role, ending his tenure as one of the FTSE 100’s longest serving financial sector chief executives.
Mr Harrison will retire next year, with the investment group kicking off a “thorough and extensive search” for his replacement.
Schroders, which has more than £750 billion in funds under management, said Mr Harrison will remain with the group to help allow an “orderly transition” to his successor.
The 220-year-old firm has reportedly hired headhunters to help with the search.
Mr Harrison said: “It has been an immense privilege to be chief executive.
“I care about the firm and our people deeply.
“I believe that now is the right time for the board to begin the search for my successor and to do so transparently with our stakeholders.”
Mr Harrison began his career as a graduate at Schroders in 1988, before leaving to work within investment bank JP Morgan and as group chief investment officer of the then Deutsche Asset Management.
He later acted as chairman and chief executive of investment boutique RWC Partners.
He rejoined Schroders in March 2013 and became group chief executive in April 2016.
Schroders chairwoman 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 £750 billion.
“Peter’s decision to announce his planned retirement in such a transparent and collaborative way is testament to his loyalty to the business and our clients, and allows the board to ensure an orderly process to appoint a new CEO.”