Schroders has made changes to its leadership with Schroders Personal Wealth CEO James Rainbow moving to UK and Latin America Distribution head.

In what the firm called 'repositioning’ for its next phase of growth, James Rainbow, has moved on from his role as CEO of the new Schroders Personal Wealth venture with Lloyds.

He has been replaced by Peter Hetherington, who will join as chief executive of Schroders Personal Wealth, subject to regulatory approval.

Mr Hetherington’s experience in building a technology-orientated FTSE 250 business was described as “invaluable” in positioning Schroders Personal Wealth for growth.

Mr Rainbow has been appointed head of UK Distribution and Latin America.

A company statement read: “Schroders’ UK business is among the most developed and trusted in the competitive UK market, with £165.6bn of assets under management on behalf of clients domiciled in the UK.

“James Rainbow will lead the continued development of this business.”

Meanwhile Schroders confirmed the recent completion of its investment of a 49.9% stake in Schroders Personal Wealth.

Schroders owns 49.9% of Schroders Personal Wealth with the remaining 50.1% owned by Lloyds Banking Group.

In North America, Karl Dasher, currently CEO of North America and co-head of fixed income, will leave the firm at the end of the year.

Marc Brookman, who joined Schroders last year as deputy CEO of North America, will take over as CEO of North America.

Philippe Lespinard, who has worked with Mr Dasher for the past 10 years on the firm’s fixed income investment platform, will continue as head of fixed Income, reporting to Charles Prideaux, global head of investment.

Mr Dasher will work with Mr Brookman and Mr Lespinard on the leadership transition throughout the remainder of this year, Schroders confirmed.

Peter Harrison, group chief executive, said:“This evolution of our leadership team will ensure we continue to serve clients’ best interests across the UK, Latin America and North America, as well as through our world-class Fixed Income investment capabilities.

“Furthermore, the smooth transition of leadership responsibilities in North America – a region of strategic importance for the firm - will enable the business to continue to benefit from strong leadership.

“Our business has evolved rapidly over the past three years and our strategy for growth remains unchanged.

“We continue to focus on the three pillars; growing our wealth business; expanding our investment business and building private assets.”