London-based asset management giant Schroders plc announced that Peter Harrison, 57, has signalled his intention to retire as group CEO next year, after a decade on the firm’s board. 

“A thorough and extensive search for his successor will now be launched,” said Schroders. “The board anticipates an orderly transition during 2025 and Peter will remain as a director of the company throughout this period.”

Schroders 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 £750bn.

“Peter is a visionary in the asset management industry who has driven the implementation of our successful growth strategy, with his exemplary leadership team.

“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.  

“I enjoy working with Peter immensely. He has served Schroders exceptionally well over the last decade.”

Schroders is a global investment management firm with £750.6 billion of assets under management as at December 31, 2023. The asset manager has over 6,100 employees across 38 locations. 

The firm’s share price has fallen more than 20% over the past 12 months to around £3.67 to give the company a current stock market capitalisation of about £6 billion.

Established in 1804, the founding family remains a core shareholder, holding approximately 44% of Schroders’ shares.

Harrison said: “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.  

“I remain fully committed to the business until my successor is found and will continue to work tirelessly to drive forward our strategic growth agenda, in partnership with the excellent management team that we have in place.”

Prior to his current role as CEO of Schroders, Harrison was global head of investment. 

Harrison is a member of the UK Treasury’s Asset Management Taskforce and the Capital Markets Industry Taskforce. He was previously chair of the Investment Association and is currently a director.