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June 19, 2020

Schroders Personal Wealth CEO to quit after eight months

Schroders Personal Wealth CEO Peter Hetherington has decided to resign after eight months in the role.

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The reason for Hetherington’s departure is said to be his interest to pursue other prospective opportunities.

During his eight-month stint at the business, Hetherington is said to have supported the ongoing migration of client assets from Lloyds Banking Group.

He also supported the firm’s recent launch of 11 regional hubs across the UK.

The offices will be located in Birmingham, Bristol, Cambridge, Cardiff, Edinburgh, Exeter, Guildford, Manchester, Leeds, London, and Oxford.

Schroders Personal Wealth, the joint financial planning business of Schroders and Lloyds, has identified Hetherington’s replacement but is yet to name the person.

The appointment awaits regulatory nod, the firm said.

Meanwhile, the former chief of the business James Rainbow will take charge of the business on an interim basis.

Commenting on Hetherington, Schroders Personal Wealth chairman Antonio Lorenzo said: “He has overseen an important phase in the growth of SPW 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.”

Schroders Personal Wealth was launched last year.

Lloyds has a 50.1% interest in the business while Schroders owns the balance stake.

Last month, Schroders Personal Wealth hired Peter Brunt from Morningstar to serve as its new head of manager research.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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