Schroders Personal Wealth CEO Peter Hetherington has decided to resign after eight months in the role.
The reason for Hetherington’s departure is said to be his interest to pursue other prospective opportunities.
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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.
