Investment manager Schroders has begun the search for a new CEO following news that current CEO Peter Harrison will be retiring after a decade on the board.

Mr Harrison plans to retire as group CEO next year.

Schroders is a major investment manager and also has a joint venture Financial Planning arm called Schroders Personal Wealth.

The firm's board says it expects an “orderly transition” during 2025 and Mr Harrison 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."

Mr Harrison said: “Having started my career as a graduate at Schroders, it has been an immense privilege to be CEO. I care about the firm and our people deeply.

“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. Growth, and a clear focus on investment outperformance for our clients will remain our top priority.”

Mr Harrison joined Schroders in March 2013 and became group CEO in April 2016 having previously been global head of investment. Before joining Schroders, he was chairman and CEO of investment boutique RWC Partners. He began his career at Schroders in 1988, and later spent some time at JP Morgan, and as group chief investment officer of Deutsche Asset Management (now DWS).

He is a member of the Treasury’s Asset Management Taskforce and the Capital Markets Industry Taskforce. He was previously chair and is currently a director of the Investment Association. He is the chair of Business in the Community, the King’s responsible business charity.

Schroders has £750bn in assets under management, as at 31 December 2023, and 6,400 staff.