Schroders has named Andreas Markwalder as its new country head of Switzerland, replacing Stephen Mills who will now become chairman of Schroder Investment Management (Switzerland).

Markwalder will be based in Zurich and will report to Schroders global head of distribution John Troiano.

"We welcome Andreas to Schroders as Country Head of our Swiss business. The appointment of an executive with Andrea's experience and deep financial industry knowledge highlights our continued commitment to growth in Switzerland,” Troiano stated.

Markwalder, who joins from Swiss pensions fund GastroSocial, will assume the new role on 3 January 2017.

He has an experience of over 22 years in the industry, sits on various boards of investment funds and is the founder of global property fund AFIAA. At GastroSocial, he served as head of investments for 13 years, and later as CEO.

Mills, who has been serving as the country head of Switzerland since the 1990s, will continue on the board of Secquaero Advisers and assume several additional internal board responsibilities across Europe.

Reporting to Troiano, Mills will be responsible for heading the firm’s relationships with the largest Swiss distributors and developing the firm’s private asset business across Europe.

In addition, Schroders has named Serge Ledermann as deputy chairman on the board of Schroder Investment Management (Switzerland). Ledermann formerly served as was head of asset management Switzerland at Bank J. Safra Sarasin.

“With 30 years of experience in asset management and of the Swiss institutional business, Serge Lederman brings unparalleled expertise. We look forward to working with them both," Mills said.