Peter Hetherington, chief executive officer of Schroders personal wealth, has announced he will be stepping down from his role at the UK-based wealth management firm to "pursue other prospective opportunities" and will exit following a period of garden leave.
Hetherington (pictured) joined the company only eight months ago, and oversaw the integration of assets from clients of Lloyds Banking Group.
The firm has identified Hetherington's successor but this is yet to be confirmed. James Rainbow, former CEO, will return as interim CEO.
He leaves us in a strong position and on track to become a top three financial planning business in the UK."
Antonio Lorenzo, Schroders' chairman, said: "I am grateful for Peter's leadership over the last eight months and am sorry he is leaving. He has overseen an important phase in the growth of Schroders PW and the development of our customer centric culture."
"He leaves us in a strong position and on track to become a top three financial planning business in the UK. Both shareholders remain absolutely committed to the joint venture and to providing excellent service to clients," he added.
A statement from Schroders today says Hetherington is leaving to "pursue other prospective opportunities."
Emerging markets exit
Separately, Schroders also reported yesterday that senior emerging markets economist, Craig Botham, has left the business after more than seven years.
Botham, who joined the asset manager in 2013, said it was taking a career break to study at the London School of Economics to pursue an MSc in Economic History.
Botham said, via a post on social media: "[I am] hoping if we look far enough back we find times are less unprecedented than every mail in my inbox would have us believe."